Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Vacancy rates spiral to unprecedented lows

By Juliet Helmke
08 March 2022 | 1 minute read
Vacancy rates spiral to unprecedented lows

Australia’s national vacancy rate has just hit its lowest point in years, according to new data.

Domain reports that February’s 1.1 per cent average rate of vacant properties represents the tightest rental market country-wide since the company began collecting data in 2017.

February’s low was somewhat predicted after an increasing downward trend. And the current trajectory looks set to continue, with open international borders exerting further pressure on housing.

On a capital city level, all major metropolitan areas saw declines in the number of properties available for rent, except for Adelaide and Hobart, which already had some of the tightest markets and remained steady through the month.

Canberra (0.5 per cent), Brisbane (0.8 per cent), Adelaide (0.3 per cent), Perth ( 0.5 per cent), and Hobart (0.2 per cent) are at their lowest point since Domain records began in 2017. The Tasmanian capital is currently setting the lowest vacancy rate the firm has seen across any capital market.

Sydney and Darwin, meanwhile, are close to hitting multi-year lows, at 1.7 per cent and 0.6 per cent, respectively.

Melbourne is also closing ground on its vacancy rate after a sharp spike during the pandemic. The city is now at its lowest level since March 2020, at 2.1 per cent.

Responding to its latest data, Domain warned there’s no relief for rental seekers in sight: “Australia is on the verge of a rental crisis, as rental demand will continue to sharply rebound following the full reopening of international borders to double-vaccinated visa holders and tourists, following two years of closures. 

“The staged approach to borders reopening will have contributed to the drop in vacancy rates in recent months. The resurgence in rental demand will predominantly be in Sydney and Melbourne, the two cities to see the biggest drop in vacancy rates over February.”

Vacancy rates spiral to unprecedented lows
Adelaide aerial reb
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Juliet Helmke

Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.