- The number of empty rentals lifted to 1.3% last month
- That suggests the peak of the rental crisis might be behind us but markets are still tight and renters are getting squeezed
- Advertised asking rents in capital cities climbed 0.6% in June
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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