National vacancy rate holds steady

Australia's vacancy rate has remained at 0.9% for the second consecutive month, according to the Domain Vacancy Rates Report for August 2023.

This stability in vacancy rates is a positive development for renters, signalling a shift from the previously tight conditions experienced earlier this year, Domain said. However, it is important to note that Australia’s rental market remains a challenging and competitive environment for tenants.

“The national vacancy rate remains steady at 0.9% for the second consecutive month, a level of consistency we haven't seen since April,” said Dr Nicola Powell (pictured above), chief of research and economics at Domain. “Good news for renters as things are beginning to stabilise, with vacancy rates just slightly higher than the tight conditions we faced in early 2023. However, it's important to note that Australia still maintains a landlords' market.”

In terms of rental listings, there has been a decrease of 1.8% annually following a recent uptick, Domain said. The situation varies across different cities, with Brisbane, Adelaide, Hobart, and Canberra experiencing positive annual improvements in rental listings.

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“While there's still work to be done to achieve a more balanced market for renters, the data suggests a trend towards greater stability,” Powell said.

The Real Estate Institute of Australia recently reported that Perth rents have reached new highs.

Volume and change of vacant rentals

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