In August, Australia’s national rental vacancy rate remained stable at 1.3%, only slightly down from July’s 1.3%, according to SQM Research.
Across the country, there were 39,665 rental vacancies, a small drop from 39,701 in July but still above the 35,425 recorded in August 2023. Sydney’s vacancy rate fell slightly to 1.6%, matching Melbourne’s, which saw a 0.1% increase.
Canberra maintained the highest rate at 2.1%, while Perth and Darwin both held steady at 0.7%, and Adelaide reported the lowest rate at 0.6%.
Sydney and Melbourne's CBD areas saw slight increases in vacancy rates over the past year, with Sydney climbing from 4.6% to 5.1% and Melbourne rising from 5.2% to 5.3%.
In contrast, Brisbane CBD maintained a low vacancy rate of 2.5%, while Canberra CBD saw a notable decrease from 4.0% to 3.5%.
Rental prices across Australia experienced varied changes over the 30 days leading up to Sept. 12.
Sydney saw house rents increase by 0.6% to $1,031.09 per week, while Brisbane and Perth experienced declines in combined rents, falling by 0.8% and 0.5%, respectively.
Canberra’s rents saw the largest drop, decreasing by 1.2%. Darwin led the growth in house rents, surging by 9.6%, contributing to the national median weekly rent for a dwelling, which now stands at $719.80.
Despite minor fluctuations, the overall rental market remains tight.
“National rental vacancy rates fell slightly in August, and we are now expecting further falls through spring, but this will be just a seasonal change,” said Louis Christopher (pictured above), managing director of SQM Research.
“The structural rental shortage has largely been priced into the market, and I believe the days of 10-20% annual rental increases are behind us.”
However, the rental crisis is unlikely to ease significantly in the near future.
For related news on the property market, visit the SQM Research website.
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