The national rental vacancy rate held steady at 1.42 per cent in July, with some cities seeing improved conditions.
Here’s your one-minute wrap on the latest PropTrack Market Insight Report.
The headline figure:
National rental vacancy rate dipped marginally by 0.01 percentage points to 1.42 per cent in July.
The fast five:
- Capital city vacancy remained unchanged at 1.47 per cent.
- Regional markets saw vacancy fall 0.04 percentage points to 1.28 per cent.
- Sydney’s vacancy rate held at 1.68 per cent, 0.36 percentage points higher than three months ago.
- Canberra’s vacancy rate rose to 2 per cent, its highest level in 12 months.
- Investor loan commitments surged 25 per cent in the June quarter 2024 compared to the same period last year.
What else you need to know:
Darwin now has the lowest vacancy rate of any capital city at 1.03 per cent, while Hobart saw the sharpest monthly decline, dropping 0.17 percentage points to 1.11 per cent.
PropTrack’s Director of Economic Research, Cameron Kusher, says:
“Higher investor activity has resulted in more rental properties hitting the market, helping to counteract the increase in demand from population growth.”
Dive deeper:
For the full report on rental vacancy rates, click here.
