Key takeaways
Australia’s national residential vacancy rate rose to 1.2% in April 2026, up from 1.0% in March.
The total number of residential vacancies increased to 35,258 dwellings, reflecting a moderate rise in available rental stock across several capital cities.
Despite the monthly increase, vacancy rates remain below historical averages, indicating that rental market conditions continue to favour landlords in most parts of the country
SQM Research released its latest data on residential rental property vacancy rates.
Australia’s national residential vacancy rate rose to 1.2% in April 2026, up from 1.0% in March.
The total number of residential vacancies increased to 35,258 dwellings, reflecting a moderate rise in available rental stock across several capital cities.
Despite the monthly increase, vacancy rates remain below historical averages, indicating that rental market conditions continue to favour landlords in most parts of the country.
Vacancy Rates - April 2026
| City | Apr 2025 Vacancies | Apr 2025 Vacancy Rate | Mar 2026 Vacancies | Mar 2026 Vacancy Rate | Apr 2026 Vacancies | Apr 2026 Vacancy Rate |
|---|---|---|---|---|---|---|
| Sydney | 10,784 | 1.5% | 8,469 | 1.1% | 9,696 | 1.3% |
| Melbourne | 9,379 | 1.8% | 7,549 | 1.4% | 8,079 | 1.5% |
| Brisbane | 3,435 | 1.0% | 2,662 | 0.8% | 2,900 | 0.8% |
| Perth | 1,425 | 0.7% | 988 | 0.5% | 1,138 | 0.6% |
| Adelaide | 1,233 | 0.8% | 1,071 | 0.7% | 1,117 | 0.7% |
| Canberra | 949 | 1.6% | 700 | 1.1% | 873 | 1.4% |
| Darwin | 189 | 0.7% | 93 | 0.4% | 75 | 0.3% |
| Hobart | 180 | 0.6% | 121 | 0.4% | 140 | 0.5% |
| National | 39,378 | 1.3% | 31,732 | 1.0% | 35,258 | 1.2% |
Source: SQM Research
Capital city highlights
Sydney:
Vacancy rates rose to 1.3%, up from 1.1% in March, with 9,696 dwellings available.
The increase suggests a modest easing in rental market conditions following strong leasing activity earlier in the year.
Melbourne:
Vacancy rates increased slightly to 1.5%, from 1.4%, with 8,079 vacancies recorded.
Rental conditions remain relatively balanced compared with other major capitals.
Brisbane:
Vacancy rates remained tight at 0.8%, with 2,900 dwellings available.
The city continues to experience strong tenant demand amid constrained supply.
Perth:
Vacancy rates rose marginally to 0.6%, from 0.5%, with 1,138 dwellings vacant.
Despite the increase, Perth remains one of the tightest rental markets nationally.
Adelaide:
Vacancy rates held steady at 0.7%, with 1,117 dwellings available, reflecting ongoing supply shortages.
Canberra:
Vacancy rates increased to 1.4%, from 1.1%, with 873 dwellings vacant.
The market has shown signs of easing following tighter conditions earlier in the year.
Darwin:
Vacancy rates declined further to 0.3%, from 0.4%, with just 75 dwellings available, marking the tightest rental market in the country.
Hobart:
Vacancy rates rose slightly to 0.5%, from 0.4%, with 140 dwellings available, though conditions remain very tight overall.
Advertised rents analysis
National advertised rents continued to rise through May, with combined rents increasing 0.7% over the past 30 days and 7.3% higher year-on-year, reflecting ongoing tight rental market conditions across most capital cities.
The national combined rent average now stands at $696.94 per week, while the capital city average has increased to $794.54, supported by continued growth in both house and unit rents.
Nationally, house rents rose 0.5% for the month and 7.8% over the year, while unit rents increased 0.8% monthly and 6.5% annually, indicating sustained demand for medium-density accommodation.
Sydney:
Combined rents rose 0.3% for the month and 7.3% year-on-year, with house rents averaging $1,156.97 per week.
Melbourne:
Combined rents increased 0.3% monthly and 6.1% annually, supported by continued gains in unit rents.
Brisbane:
Combined rents rose 1.4% for the month and 8.1% over the year, reflecting continued population-driven demand.
Perth:
Combined rents declined 0.2% over the month but remain 6.3% higher year-on-year, indicating some short-term easing after sustained growth.
Adelaide:
Combined rents fell 0.8% for the month but are still 4.6% higher annually, with unit rents continuing to outperform houses.
Canberra:
Combined rents increased 1.3% monthly and 1.4% annually, suggesting improving rental market conditions.
Darwin:
Combined rents rose 1.5% for the month and 11.3% year-on-year, maintaining one of the strongest rental growth rates nationally.
Hobart:
Combined rents increased 0.5% over the month and 15.2% annually, reflecting continued tight rental supply.
Weekly rents index
Sydney
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $1,156.97 | 3.03 | 0.3% | 8.3% |
| All Units | $756.10 | 1.90 | 0.3% | 6.3% |
| Combined | $918.75 | 2.35 | 0.3% | 7.3% |
Source: SQM Research
Melbourne
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $809.45 | -1.45 | 0.2% | 6.0% |
| All Units | $599.35 | 0.66 | 0.5% | 5.9% |
| Combined | $687.57 | -0.23 | 0.3% | 6.1% |
Source: SQM Research
Brisbane
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $824.69 | 1.32 | 1.4% | 8.6% |
| All Units | $640.41 | 1.59 | 1.4% | 7.4% |
| Combined | $741.66 | 1.44 | 1.4% | 8.1% |
Source: SQM Research
Perth
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $884.66 | -0.66 | -0.4% | 6.8% |
| All Units | $682.30 | -0.30 | 0.4% | 5.3% |
| Combined | $801.20 | -0.52 | -0.2% | 6.3% |
Source: SQM Research
Adelaide
| Property Type | Rent $) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $683.17 | -3.16 | -1.5% | 2.8% |
| All Units | $558.23 | -0.22 | 1.0% | 8.7% |
| Combined | $641.11 | -2.17 | -0.8% | 4.6% |
Source: SQM Research
Canberra
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $835.27 | 11.73 | 3.1% | 2.1% |
| All Units | $591.94 | 1.05 | -0.7% | 0.9% |
| Combined | $701.34 | 5.86 | 1.3% | 1.4% |
Source: SQM Research
Darwin
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $814.69 | 2.31 | 0.3% | 8.7% |
| All Units | $597.71 | 8.28 | 2.6% | 13.7% |
| Combined | $686.63 | 5.84 | 1.5% | 11.3% |
Source: SQM Research
Hobart
| Property Type | Rent 9$) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $631.21 | 3.80 | 1.9% | 13.6% |
| All Units | $564.21 | 0.79 | -1.9% | 18.1% |
| Combined | $604.52 | 2.60 | 0.5% | 15.2% |
Source: SQM Research
National
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $777.00 | 3.00 | 0.5% | 7.8% |
| All Units | $604.00 | 4.00 | 0.8% | 6.5% |
| Combined | $696.94 | 3.46 | 0.7% | 7.3% |
Source: SQM Research
Cap City Average
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $923.00 | 0.00 | 0.3% | 7.0% |
| All Units | $681.00 | 2.00 | 0.6% | 6.7% |
| Combined | $794.54 | 1.07 | 0.5% | 6.9% |
Source: SQM Research
Commentary
While the national vacancy rate has risen modestly over recent months, rental market conditions remain extremely tight by historical standards, particularly in cities such as Darwin, Brisbane and Perth.
The renewed rise in asking rents — now up 7.3% nationally over the past year — highlights the ongoing imbalance between rental supply and tenant demand across much of the country.
We are recording very limited rental availability in several capital cities, which is continuing to place upward pressure on rents despite some modest increases in listings.
Without a sustained lift in housing supply and/or a steadying of demand, rental affordability pressures are likely to remain a major issue throughout 2026.
With regard to the impeding property tax changes, we have previously done rigorous modelling on a pullback of negative gearing scenario.
While I have no doubt in my mind this change is going to put additional pressure on the rental market, the time for talking is now over. We will soon see actual data come through.
