Rental Vacancy Rates Continue to Decline

Five capital cities record vacancy rates under one percent

SQM Research today has revealed national residential property rental vacancy rates fell to a low of 1.5% over the month of November 2021.

Vacancy Rates

The total number of vacancies Australia-wide now stands at 55,370 residential properties, down from 56,953 in November. Melbourne and Brisbane’s vacancy rate dropped to 3.2% and 1.3% in November from 3.3% and 1.4% in October. Many regional townships in NSW recorded a tightening in vacancy rates over the month of November such as Dubbo and NSW North Coast which recorded 0.4% and 0.5% respectively. In Perth, Adelaide, Canberra, and Hobart the vacancy rate remained below 1.0%, while Sydney’s rates remained constant. Vacancy rates fell in the Sydney CBD and Melbourne CBD to 6.9% and 7.2%.

Over the January period, many holiday townships are expected to have the no vacancy sign out, as Gold Coast main has recorded another fall in vacancy rates to just 0.7% Holiday townships vacancy rates are likely to fall further over the December/January Holiday period.

Louis Christopher, Managing Director of SQM Research said:

“As we come to the end of 2021, the no vacancy sign is lite up across most of Australia. There has not been a time when five of our eight capital cities simultaneously recorded rental vacancy rates under one percent. This has translated into surging rental rises, particularly for houses where the capital city rise for the year is now recorded up by 11.7%.

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