The national vacancy rate decreased to 1.1% in January from 1.3% recorded in December.
The total number of rental vacancies Australia-wide now stands at 32,108 residential properties, which is a decrease from 39,797 in December.
Sydney, Melbourne, Brisbane, Canberra, Darwin and Hobart vacancy rates fell from 1.7%, 1.5%, 1.2%, 2.1%, 1.9% and 1.1% to 1.3%, 1.1%, 1%, 1.7% 1.7% and 1%.
In the smaller capital cities, Perth and Adelaide, vacancy rates sat below 1.0% over January.
Vacancy rates in the Sydney CBD, Melbourne CBD and Brisbane CBD decreased to 4.5%, 3.8% and 2.5% over January.
Vacancy Rates – January 2024
| City | Jan 2023 Vacancies | Jan 2023Vacancy Rate | Dec 2023 Vacancies | Dec 2023 Vacancy Rate | Jan 2024 Vacancies | Jan 2024 Vacancy Rate |
|---|---|---|---|---|---|---|
| Sydney | 9,386 | 1.3% | 12,097 | 1.7% | 9,114 | 1.3% |
| Melbourne | 6,447 | 1.2% | 7,824 | 1.5% | 5,859 | 1.1% |
| Brisbane | 2,845 | 0.8% | 4,117 | 1.2% | 3,327 | 1.0% |
| Perth | 753 | 0.4% | 969 | 0.5% | 775 | 0.4% |
| Adelaide | 773 | 0.5% | 950 | 0.6% | 783 | 0.5% |
| Canberra | 978 | 1.6% | 1,293 | 2.1% | 1,061 | 1.7% |
| Darwin | 353 | 1.3% | 491 | 1.9% | 445 | 1.7% |
| Hobart | 195 | 0.7% | 314 | 1.1% | 278 | 1.0% |
| National | 31,592 | 1.0% | 39,797 | 1.3% | 32,108 | 1.1% |
Rents
Over the past 30 days to 14 February 2024, capital city asking rents rose by another 1.4% with the 12-month rise standing at 13.1%.
National rents across nearly all regions for the reporting period, indicating no end in sight to the rental crisis as at the start of 2024.
The national median weekly asking rent for a dwelling is recorded at $ 614.54 per week.
Sydney recorded the highest weekly rent for a house at $1,037.08 per week.
While Adelaide units offer the best rental affordability of all capital cities at $451.20 per week.
Sydney
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $1,037.08 | -7.08 | 1.3% | 13.4% |
| All Units | $694.61 | 1.39 | 0.7% | 13.3% |
| Combined | $833.72 | -2.05 | 1.0% | 13.4% |
Source: SQM Research
Melbourne
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $736.04 | 0.96 | 1.2% | 17.0% |
| All Units | $540.89 | 4.11 | 3.6% | 12.6% |
| Combined | $621.27 | 2.81 | 2.4% | 14.8% |
Brisbane
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $718.24 | 4.76 | 1.9% | 9.0% |
| All Units | $568.10 | 0.90 | 0.6% | 13.8% |
| Combined | $650.68 | 3.03 | 1.4% | 10.9% |
Perth
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $776.69 | -4.69 | 1.9% | 18.8% |
| All Units | $576.80 | 7.20 | 1.6% | 18.2% |
| Combined | $693.12 | 0.28 | 1.8% | 18.6% |
Adelaide
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $637.61 | -2.61 | 0.9% | 14.7% |
| All Units | $451.20 | -3.20 | 0.0% | 12.3% |
| Combined | $573.39 | -2.82 | 0.7% | 14.2% |
Canberra
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $751.45 | 1.55 | 1.4% | -2.4% |
| All Units | $570.21 | 1.79 | 2.0% | 1.1% |
| Combined | $653.19 | 1.68 | 1.7% | -0.8% |
Darwin
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $737.75 | 4.25 | 2.8% | 3.2% |
| All Units | $505.25 | -5.25 | 2.3% | 8.0% |
| Combined | $599.26 | -1.41 | 2.5% | 5.6% |
Hobart
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $550.05 | -5.05 | 0.0% | 0.2% |
| All Units | $468.30 | -2.30 | 0.3% | -1.6% |
| Combined | $517.19 | -3.94 | 0.1% | -0.4% |
National Rental Vacancy Rates
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $688.00 | 2.00 | 0.7% | 9.0% |
| All Units | $530 | 0.00 | 0.2% | 10.4% |
| Combined | $614.54 | 1.07 | 0.5% | 9.6% |
Average Capital City Rental Vacancy Rates
| Property Type | Rent | Δ Week | Δ Month | Δ 12 Months |
|---|---|---|---|---|
| All Houses | $824 | -4.00 | 1.1% | 13.3% |
| All Units | $614 | 3.00 | 1.8% | 12.7% |
| Combined | $712.14 | -0.27 | 1.4% | 13.1% |
Louis Christopher, Managing Director at SQM Research said:
“Our rental market update today reveals a sharp decline in rental vacancy rates cross 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, our best-case scenario for renters is that the population growth rate slows considerably this year to an increase of about 360,000 people which would likely mean a stabilisation in rents starting from the June quarter.
The worse case is population continues to boom at current rates.”
