by Sanjeev Sah | Nov 28, 2023 | Market Updates

Residential vacancy rates have plummeted to historic lows across many Australian rental markets in October, according to SQM Research. 

As the table below shows, most capital cities saw a decrease in vacancies. Similarly, most regional areas reported decreases in rental vacancy rates too, including the North Coast NSW (1.2%) and the Sunshine Coast (0.9%).   

The undersupply of rental properties, coupled with a surge in net overseas migration, is driving weekly rents higher in most markets. 

For the week ending 12 November, rents grew: 

* Sydney = 16.8% year-on-year 

* Melbourne = 16.7% 

* Brisbane = 12.2%  

* Perth = 18.7% 

* Adelaide = 12.3% 

* Darwin = 3.9% 

* Canberra = -1.1% 

* Hobart = -2.3%