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ConstructionLindsay SaundersMon 11 Dec 23

National Rental Vacancies Improve by a Hair’s Breadth

Australia’s rental vacancy rates rose slightly last month but remain incredibly low.

According to PropTrack’s data for November, vacancies were up 0.04 of a percentage point to 1.07 per cent.

The vacancy rate increased 0.07 of a percentage point across the capitals but fell below 1 per cent in the regions.

Adelaide, Perth and Brisbane continue to experience the tightest rental conditions among capitals but recorded a slight easing in November.

Sydney’s vacancy rate eased in November, increasing 0.16 of a percentage point. However, it remains slightly lower than three months ago.

Hobart recorded a sharp rental market tightening, with the vacancy rate falling 0.62 of a percentage point over the past three months to 0.92 per cent.  

“During the past year, Sydney (–0.27) and Melbourne (-0.44) have experienced the sharpest falls in available rentals, placing exceptional pressure on renters,” a PropTrack spokesperson said.

Rental vacancies, November 2023

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▲ Source: PropTrack

“Despite the easing, vacancy rates have trended down for more than three years following strong rental demand and a slowdown in new construction.

“Conditions will remain tough for those looking to rent in the new year period amid strong demand.”

ResidentialAustraliaPlanningPolicyPlanningPolicy
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
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Article originally posted at: https://theurbandeveloper.com/articles/proptrack-rental-vacancies-november-2023