Key takeaways
Ultra-low vacancy rates are continuing to push rents higher across most capital cities, with supply still failing to keep up with demand despite slower migration.
Rental growth remains strongest in smaller capitals like Darwin, Hobart and Perth, while Sydney holds the highest rents and Melbourne lags with flat or declining annual growth.
With vacancies generally below 1.5% and often under 1.0%, upward pressure on rents is likely to persist throughout 2026.
Low vacancy rates have driven home rents higher over March with most capital cities again reporting higher results for both houses and units.
Darwin was the top performer with house rents up by 5.5% followed by Sydney and Hobart each higher by 2.5%, Canberra up 1.7%, Perth higher by 1.4%, Melbourne up 1.3%, Adelaide higher by 1.2% and Brisbane up 1.1% over the month.
Sydney continued to report the highest capital city house rents over March and higher at
$820 per week with Melbourne continuing as the most affordable but also higher at $588 per week.
Perth, Hobart and Brisbane continue to report solid annual increases in house rents up by 7.1%, 6.6% and 6.5% respectively with Canberra higher by 4.3% and Darwin up 3.6%.
Sydney house rents have increased by 2.8% over the past year, however Melbourne has fallen marginally by 0.4%.
House vacancy rates were mainly lower or steady over March and generally remain at extremely low level with all below 1.5% and with most now lower than 1.0%.
Median Weekly Asking Rents March 2026 - Houses
| Rent | Month | Year | Vacancy Rate | Change | |
| Sydney | $820 | 2.5% | 2.8% | 1.3% | ↓ |
| Melbourne | $588 | 1.3% | -0.4% | 1.2% | ↔ |
| Brisbane | $693 | 1.1% | 6.5% | 0.8% | ↔ |
| Adelaide | $648 | 1.2% | 2.8% | 0.8% | ↓ |
| Perth | $750 | 1.4% | 7.1% | 0.8% | ↔ |
| Hobart | $623 | 2.5% | 6.6% | 0.8% | ↑ |
| Darwin | $793 | 5.5% | 3.6% | 0.5% | ↑ |
| Canberra | $730 | 1.7% | 4.3% | 1.2% | ↑ |
Unit rental markets again generally tightened over March with capital city rents mostly higher or steady.
- Also read:Rents Surge Again as Interest Rates Bite – What Happens Next?| | Property Insiders
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- Also read:This week’s Australian Property Market Update – Latest Data, State by State March 24th 2026
Hobart was the top monthly performer with unit rents rising by 6.6% followed by Sydney higher by 1.9%, Canberra up 1.3% and Darwin higher by 0.8%.
Unit rents were steady in Adelaide and Perth but were lower in Melbourne and Sydney, falling by 1.7% and 1.9% respectively.
Annual unit rents have increased solidly in all capitals except Melbourne down 1.7%, with Hobart, Perth, Sydney, Darwin and Brisbane highest, up by 8.2%, 7.7%, 6.7%, 6.3% and 5.2% respectively.
Sydney remains the clear leader for weekly unit rents and higher at $800, with Hobart still clearly the most affordable but higher at $525 per week.
Capital city unit vacancy rates were mostly lower over the month and similar to houses generally remain at extraordinary low levels and well below 2.0%.
Median Weekly Asking Rents March 2026 - Units
| Rent | Month | Year | Vacancy Rate | Change | |
| Sydney | $800 | 1.9% | 6.7% | 1.2% | ↑ |
| Melbourne | $590 | -1.7% | -1.7% | 1.3% | ↓ |
| Brisbane | $663 | -1.9% | 5.2% | 1.0% | ↓ |
| Adelaide | $550 | 0.0% | 4.3% | 0.9% | ↓ |
| Perth | $700 | 0.0% | 7.7% | 0.6% | ↔ |
| Hobart | $525 | 6.6% | 8.2% | 0.8% | ↓ |
| Darwin | $638 | 0.8% | 6.3% | 0.5% | ↓ |
| Canberra | $593 | 1.3% | 3.9% | 1.7% | ↑ |
Although migration growth has continued to decline and first home buyer numbers have surged, this has been offset by lower new supply that has contributed to maintaining low vacancy rates through 2026.
Ongoing low and falling vacancy rates are set to generate consistently higher rents with signs continuing to emerge over March.
