Australia’s vacancy rate has reached another low, down 0.8% in October.
Everything points to a landlord’s market during the month. According to Domain’s latest Vacancy Report, vacancy rental listings also declined, down 48.2% annually while asking rents were on a record-breaking streak of increases.
Of all capital cities, only Brisbane and Darwin reported monthly increases in vacancy rates — such increase, however, did not lift the cities out of rental tightness.
Sydney, Melbourne’s rental conditions continue to tighten
The city recorded its fourth consecutive month of decline in vacancy rates, which not sit at a record low of 1%.
Rental stock in Sydney dropped to a record low, tracking 53% lower than last year.
Meanwhile, Melbourne have come a long way since the peak in vacancy rates achieved in December 2020 at 5.2% — now, the city’s vacancy level is at 1.1%, which was last seen in 2018.
Among all capitals, Melbourne reported the biggest drop in rental listings at 64%.
Brisbane and Darwin defy shrinking trend
Both Brisbane and Darwin saw an increase in the number of vacant rentals over the month, which resulted in a slight increase in vacancy rates.
Despite the increase, however, their vacancy rates were still below 1%, suggesting continued pressure, particularly for tenants.
Of all capital cities, however, Adelaide remained the tightest rental market — its vacancy rates hit 0.2% over the month.
Perth's rental conditions were also extremely tight, with the decline in vacant rentals pulling vacancy rates to 0.3%.
Meanwhile, Hobart and Canberra's vacancy rates fell for the first time over the month since early this year.
