According to SQM Research, vacancies stayed small in most capital cities in July, with the domestic vacancy rate stable at 2.3%. Five of the eight state and territorial capitals recorded declines in their vacancy rates: Brisbane and Adelaide fell by 0.1 percent, while Perth, Canberra and Darwin fell by 0.2 percent over the month. During the month, Sydney, Melbourne and Hobart stayed constant.
Sydney has 3.5 percent largest vacancy rate, compared to 2.8 percent last year at the same time. In July Melbourne remained at 2.0%, up from 1.6% 12 months ago. Hobart’s vacancy rate was constant in July and remains the country’s lowest at 0.5%. The vacancy rate for Adelaide has been steadily falling and is now 1.1 percent, the same tight level as for Canberra, which dropped from 1.3 percent in June.
Perth’s rental market is tightening its vacancy rate is now 3%, down from 3.2% in June and 4% a year ago, giving additional proof of recovery. Brisbane, who sat at 2.9% a year ago, now stands at 2.4% as the rental market continues to grow.