The total number of rental vacancies Australia-wide now stands at 37,049 residential properties, up from 36,478 in May. Sydney vacancy rates rose to 1.6% from 1.5% and Melbourne vacancy rates remained steady at 1.7%. Brisbane recorded another fall in rental vacancy rates to 0.6%. However, Adelaide, Canberra and Hobart, all recorded rises in the number of vacant rental dwellings.

Vacancy rates in the Melbourne CBD fell to 2.7% from 2.9% and rose in the Sydney CBD to 3.9% from 3.5%.

Asking rents

Over the past 30 days to 14 July 2022, capital city asking rents rose by another 1.8% with the 12-month rise standing at 16.1%. Capital city house rents are recording 12 month increases of 15.3%, while unit rents have risen by 14.8%.

Meanwhile, in a sign of a peak in the regional national rental market, asking rents fell by 1.0% for houses at the national level, led by declines in rents for the NSW North Coast (down 2.6%), NSW Central Coast (down 1.9%), Launceston (down 1.8%), Bellarine Peninsula (down 1.0%), Gippsland (down 1.2%), South Western Victoria (down 2.6%).

Louis Christopher, Managing Director of SQM Research said: “The rental market remains significantly in favour of landlords with rental vacancy rates remaining at 1%. However, there are now signs of a peak in the rental market in regional Australia with a larger number of regions now recording rising rental vacancy rates and some falls in rents.

While capital city rents continue to march higher, it’s possible we could be near the peak in the national rental crisis. Outside Brisbane, there was no material decrease in rental vacancy rates over June. Indeed, four capital cities recorded a rise in rental vacancy rates.”

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