Advocates push for limit on rent rises as PropTrack report finds vacancy rate slipped to 1.02% in October
PropTrack says Melbourne and Sydney have seen the sharpest falls in available rentals over the past 12 months, with vacancy down 0.55 ppt and 0.35 ppt respectively.PropTrack says Melbourne and Sydney have seen the sharpest falls in available rentals over the past 12 months, with vacancy down 0.55 ppt and 0.35 ppt respectively.The national rental vacancy rate has hit a new record low, with new data showing rental conditions worsening in Sydney and Melbourne.
Low supply and strong demand have created skyrocketing rents, with the national median on realestate.com.au for the last quarter sitting at $550, up 14.6% from the year before. “The national vacancy rate has been trending down for well over three years now – a trend that looks likely to continue off the back of strong population growth and a slowdown in the supply of new housing.”
Perth’s vacancy rate has fallen to 0.7%, Brisbane’s is sitting at 0.87%, Adelaide’s is at 0.67% and Hobart’s is 1.21%. Darwin was the only city to see a significant rise in vacancy, which jumped 0.68 ppt to 2.47%.
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