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Australia\u2019s rental market continued to be in favour of landlords as the national vacancy rate hit its lowest according to Domain\u2019s records.<\/p>\n
The national vacancy rate has fallen to 1.3% in January, the lowest since Domain started monitoring vacancy rates in 2017.<\/p>\n
Domain chief of economics and research Dr Nicola Powell said all capital cities reported declines in vacancy rate over the month, except for Perth<\/a>, which maintained its vacancy level.<\/p>\n On a yearly basis, only Darwin<\/a> posted an increase in vacancy rate, albeit only marginally.<\/p>\n \u201cIt is expected that the rental market will tighten in January after a boost in supply in December with the end of the year seeing the end of leases and better choice overall,\u201d she said.<\/p>\n \u201cRenewed demand in January results in a reduction in vacant rental listings over the month.\u201d<\/p>\n
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<\/div>\n Brisbane, Adelaide, and Hobart recorded their lowest vacancy rate since 2017. However, Hobart was the tightest rental market, with a vacancy rate of just 0.2%.<\/p>\n Over in Sydney, conditions are starting to tighten again after two months of rising vacancies.<\/p>\n \u201cThe tightening conditions in Sydney could see the continued shift to a landlord\u2019s market as median house asking rents rise 3.4% over the quarter and units by 1%,\u201d Dr Powell said.<\/p>\n Of all capital cities, Melbourne\u2019s rental market remained relatively the least tight, with its vacancy rate still above 2.4% despite the continued downtrend.<\/p>\n \u201cAlthough vacancy rates are reducing, they are yet to hit the pre-pandemic levels which hovered around 1.6 per cent in 2019,\u201d Dr Powell said.<\/p>\n Meanwhile, several regions across Perth recorded the most substantial increases in vacancy rates despite the overall decline in the city.<\/p>\n The table below shows the suburbs from each city that had the highest and lowest vacancy rates over the month.<\/p>\n\n
\n \u00a0<\/td>\n Jan-22<\/td>\n Dec-21<\/td>\n Jan-21<\/td>\n MoM \u2206<\/td>\n YoY \u2206<\/td>\n
\n\t\t<\/tr>\n\n National<\/td>\n 1.3%<\/td>\n 1.7%<\/td>\n 2.0%<\/td>\n \u2193<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Sydney<\/td>\n 1.9%<\/td>\n 2.6%<\/td>\n 2.7%<\/td>\n \u2193<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Melbourne<\/td>\n 2.4%<\/td>\n 3.2%<\/td>\n 4.4%<\/td>\n \u2193<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Brisbane<\/td>\n 1.0%<\/td>\n 1.3%<\/td>\n 1.5%<\/td>\n \u2193<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Perth<\/td>\n 0.6%<\/td>\n 0.6%<\/td>\n 0.7%<\/td>\n \u2013<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Adelaide<\/a><\/td>\n 0.3%<\/td>\n 0.4%<\/td>\n 0.6%<\/td>\n \u2193<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Hobart<\/td>\n 0.2%<\/td>\n 0.3%<\/td>\n 0.4%<\/td>\n \u2193<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Canberra<\/td>\n 0.7%<\/td>\n 1.0%<\/td>\n 0.8%<\/td>\n \u2193<\/td>\n \u2193<\/td>\n
\n\t\t<\/tr>\n\n Darwin<\/td>\n 0.8%<\/td>\n 1.3%<\/td>\n 0.7%<\/td>\n \u2193<\/td>\n \u2191<\/td>\n
\n\t\t<\/tr>\n<\/tbody>\n<\/table>\nSuburbs with highest vacancy rates<\/h2>\n
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