Vacancy Rates Ease
Residential vacancy rates have eased a little in the past month, although still remain extremely low.
New data from PropTrack shows the national vacancy rate rose to 1.12% in December, up 0.05%.
In Perth and Adelaide, vacancy rates are below 1% and at critical levels. Sydney’s vacancy rate is now 1.4%, Melbourne 1.2% and Brisbane, 1%.
Conditions for renters continue to be tough in Adelaide and Perth, with vacancy rates holding below 0.75 per cent.
PropTrack Senior Economist, Eleanor Creagh, says there was a slight easing in December, but stock is still extremely limited.
“Many tenants are likely to be spending an increasing portion of their income on rent, placing pressure on household budgets,” she says.
Creagh says the small increases in December show vacancy rates are improving.
“Conditions in the rental market are unlikely to deteriorate at the same pace as they did in 2022 and 2023, meaning rental prices could stabilise and increase at a slower rate than the past year.”
