Australia’s rental vacancy rate dipped to record low 1% in March.
In news that won’t surprise prospective renters, the housing rental market is as tight as it’s ever been.
In March, the national rental vacancy rate declined to 1%, the lowest point since Domain’s records began in 2017.
The already highly competitive national rental market attracted intensified competition in March as Australia’s international and domestic borders reopened.
A declining number of vacant rental listings across the country is also driving the national vacancy rate to fresh record lows over the last few months.
Unsurprisingly, Sydney and Melbourne recorded the largest monthly decline in rental vacancies from February 2022 to March 2022, as demand surged along the east coast following international and domestic border reopenings.
Sydney declined to 1% in March 2022 from 1.7% in February 2022, while Melbourne fell from 2.1% in February to 1.8% in March.
Hobart was the only state to record an increase in the rate of rental vacancies, with 0.3% reported in March, up from 0.2% in February.
Adelaide’s rental vacancy rate fell to 0.2% in March, making it the most competitive state to secure a rental property in the country.
Perth and Canberra on the other hand remained constant at 0.5% respectively in February and March.
As more returning Australians and international visitors head down under, the rental crisis is predicted to continue for at least this year.
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