Australia’s vacancy rate remained at the lowest point on record at 0.8% in November.
According to Domain Research’s latest vacancy report, rental listings rose for the first time since April, resulting in vacancy rates not falling any further during the month.
Despite the increase in rental listings over the month, they were still 46.6% lower annually.
“The rental market continues to operate in a landlords’ one, but the number of rental listings increased over November, after six months of declining listings,” Domain said.
“The seasonal lift in vacant rentals is expected at this time of the year as the rental market moves into the busy changeover period.”
| Nov-22 | Oct-22 | Nov-21 | Monthly change | Annual change | |
| National | 0.8% | 0.8% | 1.5% | – | ↓ |
| Combined Capitals | 0.9% | 0.8% | 1.9% | ↑ | ↓ |
| Combined Regionals | 0.7% | 0.7% | 0.6% | – | ↑ |
| Sydney | 1.1% | 1.0% | 2.3% | ↑ | ↓ |
| Melbourne | 1.1% | 1.2% | 3.2% | ↓ | ↓ |
| Brisbane | 0.7% | 0.6% | 1.2% | ↑ | ↓ |
| Perth | 0.3% | 0.3% | 0.5% | – | ↓ |
| Adelaide | 0.3% | 0.2% | 0.4% | ↑ | ↓ |
| Hobart | 0.4% | 0.3% | 0.3% | ↑ | ↑ |
| Canberra | 1.2% | 1.0% | 0.9% | ↑ | ↑ |
| Darwin | 0.9% | 0.9% | 1.0% | – | ↓ |
Vacancy rates improved across most capital cities but remained steady in Perth and Darwin. However, Melbourne’s vacancy rates declined to its record low it first achieved in 2018.
Despite most capital cities reporting a rise or were stable in November, they remained in a landlords’ market.
“The seasonal lift in vacant rentals is expected at this time of the year as the rental market moves into the busy changeover period,” Domain said.
Here are the state-by-state highlights from the report:
- Sydney saw an increase in vacancy rates for the first time since December 2021.
- Melbourne was the only city to see a monthly and annual drop in the number of available rental listings in November.
- Perth’s vacancy rate is at a record low — its rental market is the most competitive city for tenants, along with Adelaide.
- Darwin’s vacancy rate is at its highest point since January and its rental stock is at a ten-month high.
- Brisbane’s vacancy rate recorded an increase after six months off steady streak.
- Hobart’s vacancy rate increased for the first time since June.
- Canberra’s vacancy levels improved in November, not at the highest point since December 2020.
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Photo by JESSICA TICOZZELLI from Pexels.
