Key takeaways
The national vacancy rate of 1.3% in April 2025, combined with a national average weekly rent of $650 (down 0.7% over the past month), suggests a slight easing of rental market pressure, according to the latest data from SQM Research.
The total number of vacant residential properties nationwide rose to 39,378 in April 2025, up 18.7% from 33,177 in April 2024.
The national vacancy rate of 1.3% in April 2025, combined with a national average weekly rent of $650 (down 0.7% over the past month), suggests a slight easing of rental market pressure, according to the latest data from SQM Research.
Over the past 12 months, national rents have risen by 3.9%, a slowdown from previous years, indicating tenants may have somewhat increased negotiating power compared to recent years.
City-Specific Insights:
- Sydney: Advertised weekly rents are $853, with no change over the past month (0.0%) but a modest year-on-year increase of 0.1%. The higher 1.5% vacancy rate suggests an easing rental market (compared to 2024), tempering the current rent
- Melbourne: Weekly rents are $649, up 1% over the past month, with a year-on-year rise of 2.3%. The near-balanced 1.8% vacancy rate is likely contributing to this softening in rental prices.
- Brisbane: Weekly rents are $685, unchanged over the past month (0.0%), but up 4.5% year-on-year. The 1.0% vacancy rate supports moderate rent growth, though the flat monthly change indicates a potential plateau.
- Perth: Weekly rents are $755, up 0.2% over the past month, yet up a robust 5.8% year-on-year. Despite a tight 7% vacancy rate, the monthly advertised rent flattening suggests a slight cooling in rental demand.
- Adelaide: Weekly rents are $613, down 0% over the past month, with a year- on-year increase of 4.7%. The 0.8% vacancy rate aligns with a tight market, though the monthly drop rent indicates relatively easing pressure.
- Canberra: Weekly rents are $693, up 0% over the past month and 5.4% year- on-year, reflecting stronger rental demand.
Sydney
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $1,065.68 | 2.32 | 0.6% | 0.4% |
| All Units | $707.89 | -3.89 | -0.6% | -0.2% |
| Combined | $852.99 | -1.37 | 0.0% | 0.1% |
Source: SQM Research
Melbourne
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $764.46 | 2.54 | 0.9% | 2.7% |
| All Units | $566.31 | -0.31 | -0.6% | 1.7% |
| Combined | $648.65 | 0.88 | 0.1% | 2.3% |
Source: SQM Research
Brisbane
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $758.33 | 1.67 | 0.1% | 5.7% |
| All Units | $595.31 | -0.31 | -0.3% | 2.8% |
| Combined | $684.93 | 0.78 | 0.0% | 4.5% |
Source: SQM Research
Perth
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $830.83 | -1.83 | 0.0% | 5.1% |
| All Units | $649.04 | -1.04 | 0.7% | 6.9% |
| Combined | $755.41 | -1.50 | 0.2% | 5.8% |
Source: SQM Research
Adelaide
| Property Type | Rent $) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $664.33 | -2.33 | -0.6% | 3.6% |
| All Units | $513.32 | -2.32 | -2.1% | 7.1% |
| Combined | $613.00 | -2.33 | -1.0% | 4.7% |
Source: SQM Research
Canberra
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $817.99 | 5.01 | 1.0% | 7.1% |
| All Units | $588.32 | 1.68 | 1.1% | 3.8% |
| Combined | $692.61 | 3.19 | 1.0% | 5.4% |
Source: SQM Research
Darwin
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $749.41 | 7.59 | 2.0% | 8.6% |
| All Units | $525.57 | -8.57 | -3.6% | -4.5% |
| Combined | $616.76 | -1.99 | -0.9% | 1.6% |
Source: SQM Research
Hobart
| Property Type | Rent 9$) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $555.61 | 6.39 | -1.8% | 5.0% |
| All Units | $478.51 | -14.51 | -2.4% | 3.2% |
| Combined | $524.77 | -1.97 | -2.0% | 4.3% |
Source: SQM Research
National
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $721.00 | -2.00 | -1.1% | 3.4% |
| All Units | $567.00 | 0.00 | 0.00% | 4.6% |
| Combined | $649.55 | -1.07 | -0.7% | 3.9% |
Source: SQM Research
Cap City Average
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $862.00 | 3.00 | 0.7% | 2.7% |
| All Units | $635.00 | -4.00 | -0.9% | 1.1% |
| Combined | $741.23 | -0.72 | 0.0% | 2.0% |
Source: SQM Research
Vacancy Rates - April 2025
| City | Apr 2024 Vacancies | Apr 2024 Vacancy Rate | Mar 2025 Vacancies | Mar 2025 Vacancy Rate | Apr 2025 Vacancies | Apr 2025 Vacancy Rate |
|---|---|---|---|---|---|---|
| Sydney | 8,927 | 1.2% | 9,412 | 1.3% | 10,784 | 1.5% |
| Melbourne | 5,977 | 1.1% | 8,194 | 1.5% | 9,379 | 1.8% |
| Brisbane | 3,491 | 1.0% | 3,207 | 0.9% | 3,435 | 1.0% |
| Perth | 1,077 | 0.6% | 1,091 | 0.6% | 1,425 | 0.7% |
| Adelaide | 980 | 0.6% | 988 | 0.6% | 1,233 | 0.8% |
| Canberra | 1,029 | 1.7% | 909 | 1.5% | 949 | 1.6% |
| Darwin | 282 | 1.1% | 210 | 0.8% | 189 | 0.7% |
| Hobart | 389 | 1.4% | 148 | 0.5% | 180 | 0.6% |
| National | 33,177 | 1.1% | 34,428 | 1.1% | 39,378 | 1.3% |
Source: SQM Research
According to SQM Research, there's a national vacancy rate increase to 1.3%, up from 1.1% in March 2025 and 1.1% in April 2024.
The data, compiled from online listings across major Australian cities, highlights a growing availability of rental properties, particularly in Melbourne and Sydney, while advertised rents show varied trends across the nation.
Key Vacancy Rate Findings:
Based on SQM Research’s monitoring of unique online rental listings, the total number of vacant residential properties nationwide rose to 39,378 in April 2025, up 18.7% from 33,177 in April 2024.
- Melbourne recorded the highest vacancy rate at 8%, up significantly from 1.1% in April 2024, with vacancies surging 56.9% to 9,379 properties. This suggests an oversupply or reduced demand in Victoria’s capital, potentially easing rental pressure for tenants.
- Sydney saw its vacancy rate rise to 5% (from 1.2% in April 2024), with vacancies increasing 20.8% to 10,784 properties, reflecting a loosening rental market.
- Brisbane maintained a relatively tight market, with a vacancy rate of 1.0% (up slightly from 0.9% in March 2025), and vacancies stable at 3,435, a 1.6% decrease from 3,491 in April 2024.
- Perth and Adelaide reported low vacancy rates of 7% and 0.8%, respectively, though both saw increased vacancies (Perth: +32.3% to 1,425; Adelaide: +25.8% to 1,233), indicating slight softening in these tight markets.
- Canberra, Darwin, and Hobart recorded declines in vacancies, with Hobart’s vacancy rate dropping to 0.7% (from 1.4% in April 2024) and vacancies falling 53.7% to 180, signalling a return to a landlord-favoured market.
Commentary
The rise in national vacancy rates to 1.3% reflects a shift toward a slightly eased rental market, particularly in Melbourne and Sydney, where increased supply is providing tenants with more options.
However, tight markets in Hobart, Darwin, and Perth continue to favour landlords, potentially triggering further rental price growth in those regions.
It is typical that over the winter period, the rental market goes into somewhat of a lull, with rental vacancy rates rising a notch.
This winter might prove to be a good time for tenants looking for rental properties, keeping in mind we don’t expect this lull to last any more than a few months.
