The national vacancy rates continued to decrease and now state at 1.0%.
From January to February the decrease was by 0.1%.
The total number of rental vacancies Australia-wide now stands at 30,161 residential properties, which is a decrease from 32,108 in January.
Only Perth and Adelaide remained stable, however, other major cities recorded vacancy rates fell: Sydney, Canberra, Darwin, Hobart by 0.2% and Melbourne, Brisbane by 0.1%.
Vacancy rates in the Sydney CBD, Melbourne CBD and Brisbane CBD decreased to 3.3%, 2.7% and 2.1% over February.
Vacancy Rates - February 2024
City | Feb 2023 Vacancies | Feb 2023 Vacancy Rate | Jan 2024 Vacancies | Jan 2024 Vacancy Rate | Feb 2024 Vacancies | Feb 2024 Vacancy Rate |
---|---|---|---|---|---|---|
Sydney | 9,301 | 1.3% | 9,114 | 1.3% | 8,137 | 1.1% |
Melbourne | 5,545 | 1.1% | 5,589 | 1.1% | 5,288 | 1.0% |
Brisbane | 2,802 | 0.8% | 3,327 | 1.0% | 3,213 | 0.9% |
Perth | 839 | 0.4% | 775 | 0.4% | 776 | 0.4% |
Adelaide | 821 | 0.5% | 783 | 0.5% | 830 | 0.5% |
Canberra | 1,069 | 1.8% | 1,061 | 1.7% | 936 | 1.5% |
Darwin | 378 | 1.4% | 445 | 1.7% | 395 | 1.5% |
Hobart | 237 | 0.9% | 278 | 1.0% | 326 | 1.2% |
National | 31,040 | 1.0% | 32,108 | 1.1% | 30,161 | 1.0% |
Rents
Over the past 30 days to 12 March 2024, capital city asking rents for all units rose by a further 1.2% with the 12-month rise standing at 11.4%.
Darwin and Hobart recorded declines in rents of 2.1% and 0.1% respectively.
Melbourne recorded the fastest increase of 1.5%.
The national median weekly asking rent for a dwelling is recorded at $721.00 per week.
Sydney recorded the highest weekly rent for a house at $1,054.16 per week. While Adelaide units again offer the best rental affordability of all capital cities at $457.72 per week.
Sydney
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $1,054.16 | 4.84 | 1.3% | 11.9% |
All Units | $703.58 | 2.42 | 1.5% | 10.3% |
Combined | $846.03 | 3.40 | 1.4% | 11.1% |
Source: SQM Research
Melbourne
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $741.14 | 0.86 | 0.5% | 15.1% |
All Units | $552.70 | 2.30 | 2.3% | 10.3% |
Combined | $630.36 | 1.71 | 1.5% | 12.6% |
Brisbane
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $713.73 | -3.73 | -0.7% | 6.9% |
All Units | $571.40 | 2.60 | 0.7% | 10.9% |
Combined | $649.68 | -0.88 | -0.1% | 8.5% |
Perth
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $778.11 | -1.11 | -0.2% | 17.4% |
All Units | $580.10 | 5.90 | 1.7% | 16.9% |
Combined | $695.35 | 1.82 | 0.4% | 17.3% |
Adelaide
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $638.38 | -0.38 | -0.1% | 12.9% |
All Units | $457.72 | -3.72 | 1.4% | 12.7% |
Combined | $576.18 | -1.53 | 0.3% | 13.0% |
Canberra
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $751.84 | -0.84 | 0.1% | -1.6% |
All Units | $575.89 | 1.11 | 1.0% | 2.1% |
Combined | $656.44 | 0.22 | 0.5% | 0.1% |
Darwin
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $719.33 | 0.67 | -1.6% | 0.7% |
All Units | $492.08 | -0.08 | -2.6% | 9.4% |
Combined | $583.97 | 0.23 | -2.1% | 5.0% |
Hobart
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $543.75 | 0.25 | 0.3% | -1.3% |
All Units | $463.96 | 1.04 | -0.9% | -3.5% |
Combined | $511.69 | 0.57 | -0.1% | -2.1% |
National Rental Vacancy Rates
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $688.00 | 0.00 | 0.0% | 8.3% |
All Units | $532 | -4.00 | 0.4% | 8.6% |
Combined | $615.48 | -1.86 | 0.2% | 8.5% |
Average Capital City Rental Vacancy Rates
Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
---|---|---|---|---|
All Houses | $834 | 2.00 | 0.8% | 12.1% |
All Units | $622 | 3.00 | 1.6% | 10.5% |
Combined | $721.10 | 2.53 | 1.2% | 11.4% |
Final note...
Our rental market update today reveals a further decline in rental vacancy rates across the nation.
Most likely the fall in rental vacancies was driven by increased demand from tertiary students following the start of campus semesters for 2024.
As well as graduates entering the workforce for the first time.
It is a seasonal demand increase we see at the start of each and every year but is most certainly problematic due to the fact the current rental market remains in crisis.
Going forward, we believe vacancy rates are likely to decline again for the month of March as thus far weekly rental listings have fallen since the start of the current month.