Domain’s Alice Stolz reveals which suburbs across cities in Australia have the best rental vacancy rates, as nation hits record low for availability. When international borders reopen in the coming months, tenants battling in a fiercely competitive rental market are unlikely to find any comfort, according to new data that show the number of vacant rental properties is still at an all-time low.
The majority of Australia’s capital cities are landlords’ markets, according to Domain’s most recent vacancy rate report; the number of vacant rental listings is down in all but Darwin. According to Nicola Powell, Domain’s chief of research and economics, rental conditions may become even more competitive once the borders open.
According to Domain’s most recent vacancy rate report, most of Australia’s capital cities are landlords’ markets with the exception of Darwin, where there is a decline in the number of vacant rental listings. Once the borders open, renting circumstances may become even more competitive.
Increased competition in already competitive rental markets will probably result in an increase in rent rates. According to the most recent Finder RBA Cash Rate Survey, the majority of experts believe that as soon as the country’s borders reopen, rental prices would soar considerably.
In November, there were 29% fewer vacant rental listings available than there were at the same time last year in Sydney, 32.4% in Melbourne, and 31.4% in Brisbane. The vacancy rate in Sydney climbed throughout the course of November from 2.2% to 2.3%, a very minor increase. Similarly slight increases were seen in Canberra and Darwin. Over the same period, vacant rentals fell by a staggering 42.6% in Adelaide and 39% in Hobart.
Vacancy rates nationwide were constant in November at 1.5%, however they are historically low in most capital cities.
The vacancy rate in Melbourne is at its lowest level since June 2020, the rental market in Adelaide is at its tightest level since Domain records first started in 2017, while Brisbane and Perth are still at record-low levels.
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