Key takeaways
Australia’s national residential vacancy rate rose to 1.3% in November 2025, up from 1.2% in October.
The total number of residential vacancies increased to 38,690 dwellings, up by 2,538 from the previous month, signalling a mild seasonal easing in the national rental market.
SQM Research released its latest data on residential property vacancy rates.
Australia’s national residential vacancy rate increased to 1.4% in December 2025, up from 1.3% in November.
The total number of residential vacancies rose to 43,850 dwellings, reflecting a typical seasonal lift in available rental stock toward the end of the year.
Despite the increase, vacancy rates remain below long-term averages, indicating that rental market conditions continue to favour landlords in most capital cities.
Vacancy Rates - December 2025
| City | Dec 2024 Vacancies | Dec 2024 Vacancy Rate | Nov 2025 Vacancies | Nov 2025 Vacancy Rate | Dec 2025 Vacancies | Dec 2025 Vacancy Rate |
|---|---|---|---|---|---|---|
| Sydney | 15,263 | 2.1% | 10,720 | 1.4% | 13,252 | 1.8% |
| Melbourne | 11,775 | 2.2% | 10,451 | 2.0% | 10,667 | 2.0% |
| Brisbane | 4,274 | 1.2% | 3,645 | 1.0% | 4,101 | 1.2% |
| Perth | 1,345 | 0.7% | 1,311 | 0.7% | 1,384 | 0.7% |
| Adelaide | 1,258 | 0.8% | 1,237 | 0.8% | 1,398 | 0.9% |
| Canberra | 1,276 | 2.1% | 942 | 1.5% | 1,142 | 1.9% |
| Darwin | 441 | 1.7% | 250 | 1.0% | 255 | 1.0% |
| Hobart | 164 | 0.6% | 109 | 0.4% | 124 | 0.4% |
| National | 47,336 | 1.6% | 38,690 | 1.3% | 43,850 | 1.4% |
Source: SQM Research
Capital city highlights
Sydney:
Vacancy rates rose to 1.8%, up from 1.4% in November, with 13,252 dwellings available.
The increase reflects seasonal turnover and a rise in new rental listings toward year-end.
Melbourne:
Vacancy rates remained steady at 2.0%, with 10,667 vacancies recorded.
Melbourne continues to exhibit the most balanced rental conditions among the major capitals.
Brisbane:
Vacancy rates increased to 1.2%, up from 1.0%, with 4,101 dwellings vacant.
While conditions have eased slightly, Brisbane remains tighter than pre-pandemic levels.
Perth:
Perth’s vacancy rate remained unchanged at 0.7%, with 1,384 dwellings available.
The city continues to record one of the tightest rental markets nationally.
Adelaide:
Vacancy rates rose marginally to 0.9%, with 1,398 vacancies.
Despite the increase, rental conditions remain constrained due to limited supply.
Canberra:
Vacancy rates increased to 1.9%, up from 1.5%, with 1,142 dwellings available.
The rise reflects a seasonal increase in listings following the spring leasing period.
Darwin:
Vacancy rates held steady at 1.0%, with 255 dwellings vacant.
Conditions remain tight relative to historical norms.
Hobart:
Hobart’s vacancy rate remained unchanged at 0.4%, with just 124 dwellings available, continuing to rank as the tightest capital city rental market.
Advertised rents analysis
National advertised rents rose through early January, with combined rents increasing 2.4% over the past 30 days and 5.8% higher year-on-year, indicating renewed upward momentum following the seasonal easing observed in November and December.
The national combined rent average now stands at $684.62 per week, while the capital city average increased to $766.49 per week, underpinned by broad-based gains across both houses and units.
Nationally, house rents rose 3.4% for the month and 7.0% over the year, while unit rents increased 1.0% monthly and 4.1% annually, suggesting continued tenant demand for higher-density accommodation.
Sydney:
Combined rents remained unchanged for the month and are 6.7% higher year-on-year, with house rents averaging $1,113.58 per week.
Melbourne:
Combined rents increased 1.2% for the month and 4.1% annually, driven by gains across both houses and units.
Brisbane:
Combined rents lifted 1.3% for the month and 7.1% over the year, supported by sustained population growth and limited new supply.
Perth:
Combined rents rose 1.1% month-on-month and 4.5% year-on-year, reflecting ongoing rental shortages.
Adelaide:
Combined rents increased 0.6% for the month and 2.8% annually, with continued strength in unit rents.
Canberra:
Combined rents declined 1.0% over the month and are 1.6% lower than a year ago, indicating a short-term easing following earlier increases.
Darwin:
Combined rents rose 0.2% for the month and 9.0% year-on-year, maintaining one of the strongest annual growth rates nationally.
Hobart:
Combined rents surged 2.9% for the month and are 10.0% higher over the year, reflecting extreme supply constraints.
Weekly rents index
Sydney
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $1,113.58 | 3.42 | 0.0% | 8.1% |
| All Units | $729.77 | 1.23 | -0.1% | 5.3% |
| Combined | $885.39 | 2.09 | 0.0% | 6.7% |
Source: SQM Research
Melbourne
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $783.41 | 4.59 | 1.7% | 3.7% |
| All Units | $566.73 | 2.27 | 0.7% | 4.3% |
| Combined | $657.41 | 3.31 | 1.2% | 4.1% |
Source: SQM Research
Brisbane
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $788.75 | 5.25 | 1.3% | 7.6% |
| All Units | $627.06 | 0.94 | 1.5% | 6.4% |
| Combined | $715.93 | 3.30 | 1.3% | 7.1% |
Source: SQM Research
Perth
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $858.92 | 3.08 | 1.6% | 5.9% |
| All Units | $650.94 | 1.06 | 0.3% | 1.8% |
| Combined | $772.99 | 2.30 | 1.1% | 4.5% |
Source: SQM Research
Adelaide
| Property Type | Rent $) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $688.32 | 2.68 | 0.5% | 2.3% |
| All Units | $528.16 | -1.16 | 1.1% | 3.7% |
| Combined | $634.24 | 1.43 | 0.6% | 2.8% |
Source: SQM Research
Canberra
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $770.06 | -5.06 | -3.0% | -4.8% |
| All Units | $585.40 | 2.60 | 1.4% | 2.4% |
| Combined | $668.67 | -0.95 | -1.0% | -1.6% |
Source: SQM Research
Darwin
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $760.58 | 0.42 | -0.5% | 2.5% |
| All Units | $575.83 | 2.17 | 0.8% | 15.4% |
| Combined | $651.39 | 1.48 | 0.2% | 9.0% |
Source: SQM Research
Hobart
| Property Type | Rent 9$) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $604.28 | 1.72 | 1.5% | 10.0% |
| All Units | $540.94 | 18.06 | 5.4% | 9.8% |
| Combined | $579.03 | 8.24 | 2.9% | 10.0% |
Source: SQM Research
National
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $768.00 | 3.00 | 3.4% | 7.0% |
| All Units | $588.00 | 2.00 | 1.0% | 4.1% |
| Combined | $684.62 | 2.55 | 2.4% | 5.8% |
Source: SQM Research
Cap City Average
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $894.00 | 4.00 | 1.4% | 6.4% |
| All Units | $654.00 | 2.00 | 0.8% | 4.5% |
| Combined | $766.49 | 2.95 | 1.1% | 5.6% |
Source: SQM Research
Commentary
The lift in the national vacancy rate to 1.4% in December is largely seasonal, reflecting the usual increase in rental turnover and listings at the end of the year.
While vacancies have risen, they remain well below long-term averages, indicating that underlying rental market conditions are still tight.
Most capital cities experienced some degree of easing in December, particularly Sydney and Canberra.
However, markets such as Perth, Adelaide and Hobart remain exceptionally constrained, with vacancy rates still below 1%, limiting meaningful relief for tenants.
Importantly, the latest rent data shows renewed upward momentum entering January, suggesting the late-2025 softening in rental growth is likely to be temporary.
Without a sustained increase in new rental supply, affordability pressures are expected to persist into 2026.
