The Latest Rental Vacancy Rates around Australia

The Latest Rental Vacancy Rates around Australia

  16 Jan 2024

The national vacancy rates increased to 1.3% in December from 1.1% recorded in November.

The total number of rental vacancies Australia-wide now stands at 39,797 residential properties, which is an increase from 33,471 in November.

Sydney, Melbourne, and Brisbane showed steady increases of 0.2-0.3% (as is normal for December).

Adelaide also shows some seasonality, but the vacancy rate only increased by 0.1% showing the very tight rental conditions in the city according to the latest SQM Research data.

Hobart, Perth, and Darwin don’t have a pronounced seasonality like the largest capital cities, but aside from Hobart (which didn’t show any change), vacancy rates in Darwin and Perth increased by 0.1%.

Rental conditions remain extremely tight in all three cities.

Canberra showed the most change, with the vacancy rate increasing by 0.38%, which is not out of the ordinary for December.

Vacancy rates in the Sydney CBD and Brisbane CBD increased to 5.6% and 3.2% and in Melbourne CBD remained stagnant at 5.1% over December.

Vacancy Rates – December 2023

City Dec 2022 Vacancies Dec 2022 Vacancy Rate Nov 2023 Vacancies Nov 2023 Vacancy Rate Dec 2023 Vacancies Dec 2023 Vacancy Rate
Sydney 12,553 1.8% 9,994 1.4% 12,097 1.7%
Melbourne 8,805 1.7% 6,671 1.3% 7,824 1.5%
Brisbane 3,603 1.1% 3,482 1.0% 4,117 1.2%
Perth 989 0.5% 823 0.4% 969 0.5%
Adelaide 924 0.6% 793 0.5% 950 0.6%
Canberra 1,129 1.9% 1,063 1.8% 1,293 2.1%
Darwin 396 1.5% 471 1.8% 491 1.9%
Hobart 169 0.6% 320 1.2% 314 1.1%
National 39,568 1.3% 33,471 1.1% 39,797 1.3%

Rents

Over the past 30 days to 15 January 2023, the capital city’s asking rents rose by another 1.3% with the 12-month rise standing at 14.2%.

While national rents across all regions rose by 9.9% for the same 12-month period.

The national median weekly asking rent for a dwelling is recorded at $611.38 per week.

Sydney recorded the highest weekly rent for a house at $1,022.35 per week.

While Adelaide units offer the best rental affordability of all capital cities at $450.21 per week.

Sydney

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $825.46 -0.81 1.4% 14.8%
All Units $825.46 -0.81 1.4% 14.8%
Combined $825.46 -0.81 1.4% 14.8%

 

Melbourne

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $727.62 2.38 1.8% 18.4%
All Units $522.74 2.26 1.0% 12.0%
Combined $607.09 2.31 1.4% 15.1%

 

Brisbane

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $704.08 -1.08 0.1% 8.5%
All Units $563.52 0.48 1.1% 15.1%
Combined $640.83 -0.38 0.5% 11.1%

 

Perth

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $761.83 5.17 2.4% 18.7%
All Units $567.25 -9.25 0.0% 16.1%
Combined $680.46 -0.86 1.5% 17.8%

 

Adelaide

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $628.56 0.44 2.7% 12.7%
All Units $450.21 3.79 2.9% 13.5%
Combined $567.07 1.60 2.8% 13.0%

 

Canberra

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $740.88 1.12 1.1% -5.7%
All Units $559.79 -1.79 -1.2% -2.0%
Combined $642.74 -0.46 0.0% -4.0%

 

Darwin

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $731.70 10.30 3.9% 4.5%
All Units $490.97 1.03 8.0% 8.2%
Combined $588.32 4.78 5.9% 6.3%

 

Hobart

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $550.81 5.19 2.8% -2.5%
All Units $468.28 3.72 3.0% -2.9%
Combined $517.63 4.60 2.9% -2.6%

 

National Rental Vacancy Rates

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $683.00 5.00 1.6% 9.1%
All Units $529.00 -3.00 0.4% 10.9%
Combined $611.38 1.28 1.1% 9.9%

 

Average Capital City Rental Vacancy Rates

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $815.00 -2.00 1.5% 14.3%
All Units $603 -4.00 1.2% 14.0%
Combined $702.07 -3.07 1.3% 14.2%

Next Update: 20 January 2024

Harry Bawa, Head of Property and Business Analytics at SQM Research said:

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