Vacancy rates fell to a record low of 1 per cent nationwide in March, as rental supply dwindles and demand ramps up following the return of international students, data from Domain shows.
Adelaide recorded 0.2 per cent – the lowest vacancy rate across any capital city since Domain started tracking the series. In Melbourne, the vacancy rate fell to 1.8 per cent, the lowest level since the onset of the pandemic. In Sydney, rental listings fell 12.4 per cent to 8376, it fell by 12.5 per cent to 9228 in Melbourne, was down by 20.4 per cent to 1635 in Brisbane and lower by 31.5 per cent to 241 in Adelaide. Nationally, rental stock has dropped by 11.2 per cent to 25184.has plummeted in all capitals with Melbourne dropping by 56.9 per cent, Sydney by 48.9 per cent, Brisbane by 49.9 per cent and Adelaide by 68.6 per cent. Nationally, rental stock dropped by 52.2 per cent.
In some areas, such as in Sydney’s eastern suburbs Vaucluse and Double Bay, asking rents for a house soared by 47 per cent and 42.9 per cent over the year respectively. In Mount Coolum on the Sunshine Coast, strong demand and low supply fuelled a 47.1 per cent rise in asking rents over 12 months.