Vacancy rates of Australian residential rental properties has continued to rise, reaching 1.3% in June, SQM Research data has revealed.

The number of empty rental properties in the nation lifted by more than 2,800 dwellings last month, surpassing 39,700.

“There is now more evidence that we are past the worst of our national rental crisis with an easing in vacancy rates recorded for our largest capital cities and a material slowdown on market rent increases,” SQM Research managing director Louis Christopher said.

Rental vacancies in Sydney led the way, jumping 20 basis points to 1.7% last month.

Meanwhile, in the harbourside city’s CBD, rental vacancies jumped to 5.7%, while Melbourne’s CBD saw vacancy rates surge to 4.3%.

Across some of the cities found to be the nation’s cheapest to rent in last month – broader Melbourne and Hobart – vacancy rates lifted to 1.3% and 1.9% respectively.

But any pain felt by renters’ back pockets is yet to ease.

The asking price of rentals in Australian capital cities also climbed 0.6% over the 30 days to 12 June, reaching $667.37 – 19.4% higher year-on-year.

“The rental crisis is not yet over and given our ongoing strong population growth rates it is very unlikely we will get to an oversupply of rental properties anytime soon,” Mr Christopher said.

“However, just an easing in the crisis can at least translate to a steadying of market rents after what has been an extended period of very rapid market rent growth.”

Location Vacancies as of June 2023 Vacancy rate Median asking rent (week ending 4 July)
Sydney 12,143 1.7% $783.76
Melbourne 6,811 1.3% $582.50
Brisbane 3,407 1% $617.90
Adelaide 1,011 0.6% $529.95
Perth 1,138 0.6% $619.28
Hobart 525 1.9%  $494.88
Darwin 236 0.9% $581.23
Canberra 1,282 2.1%  $656.52
National 39,716 1.3% $573.76

Looking to regional Australia, and rental vacancy rates were relatively stable last month.

NSW’s North Coast and Blue Mountains regions saw rental vacancies steady at 1.8% and 1.7% respectively.

Meanwhile in the main Gold Coast region, vacancies rose to 1.6%, corresponding with a 5.1% drop in recorded rents over the 30 days to 4 July.


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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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