The total number of rental vacancies Australia-wide now stands at 39,797 residential properties, which is an increase from 33,471 in November. Sydney, Melbourne and Brisbane showed steady increases of 0.2-0.3% (as is normal for December). Adelaide also shows some seasonality, but the vacancy rate only increased by 0.1% showing the very tight rental conditions in the city.

Hobart, Perth and Darwin don’t have a pronounced seasonality like the largest capital cities, but aside from Hobart (which didn’t show any change), vacancy rates in Darwin and Perth increased by 0.1%. Rental conditions remain extremely tight in all three cities.

Canberra showed the most change, with the vacancy rate increasing by 0.38%, which is not out of the ordinary for December.

Vacancy rates in the Sydney CBD and Brisbane CBD increased to 5.6% and 3.2% and in Melbourne CBD remained stagnant at 5.1% over December.

Rents

Over the past 30 days to 15 January 2023, capital city asking rents rose by another 1.3% with the 12-month rise standing at 14.2%. While national rents across all regions, rose by 9.9% for the same 12-month period.

The national median weekly asking rent for a dwelling is recorded at $611.38 per week. Sydney recorded the highest weekly rent for a house at $1,022.35 per week. While Adelaide units offer the best rental affordability of all capital cities at $450.21 per week.

Harry Bawa, Head of Property and Business Analytics at SQM Research said: “While all capital cities (except Hobart) showed an increase in vacancy rates, Sydney and Canberra led the race, increasing by 0.3% from November. The CBD regions showed the greatest movement as overseas students returned home at the end of semester. And there were very small increases for Adelaide, Perth and Darwin, showing that rental conditions remain tight.

Hobart isn’t impacted by the seasonality in December. It went the opposite direction with the rental market tightening further in December, however slightly.

Despite a few more properties coming into the rental market, asking rents rose nationally. Every capital city showed an increase month-on-month, except Canberra.”

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