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The national vacancy rates has worsened, sliding to 1.1% in January from December’s 1.3%.
According to new data from SQM Research, the total number of rental vacancies Australia-wide now stands at 32,108 residential properties, a decrease from 39,797 in December.
Sydney (from 1.7% to 1.3%), Melbourne (1.5% to 1.1%), and Brisbane (1.2% to 1.1%), vacancy rates all declined, as did Canberra, Darwin and Hobart.
Perth and Adelaide vacancy rates were below 1.0% for January.
Vacancy rates in the Sydney CBD, Melbourne CBD and Brisbane CBD decreased to 4.5%, 3.8% and 2.5% respectively last month.
SQM said that for the past 30 days to February 14, capital city asking rents rose by 1.4% to take the 12-month rise to 13.1%.
National rents rose across nearly all regions for the reporting period, indicating no end in sight to the rental crisis at the start of 2024.
The national median weekly asking rent for a home was $ 614.54 per week.
Sydney recorded the highest weekly rent for a house at $1,037.08 per week, while Adelaide units offer the best rental affordability of all capital cities at $451.20 per week.
Vacancay rates: January 2024
SQM Research managing director Louis Christopher said their rental market update had revealed a sharp decline in rental vacancy rates across the nation.
“Most likely the fall in rental vacancies was driven by increased demand from tertiary students following the start of campus semesters for 2024,” he said, “as well as graduates entering the workforce for the first time.
“It is a seasonal demand increase we see at the start of each and every year but is most certainly problematic due to the fact the current rental market remains in crisis.
Going forward, our best-case scenario for renters is that the population growth rate slows considerably this year to an increase of about 360,000 people which would likely mean a stabilisation in rents starting from the June quarter.
“The worse case is population continues to boom at current rates.”
