Rents soar to new highs as vacancy rate slumps to record in Australia

According to The Australian Financial Review, the nationwide residential rental vacancy rate returnedto a record low of 0.8 per cent in the September quarter, pushing rents up to new heights, Domain Group data shows.
Vacancy rates slumped to their worst ever levels in Sydney and Perth at just 0.9 per cent and 0.3 per cent respectively, while Melbourne, Brisbane, Adelaide and Darwin fell close to new lows at less than 1 per cent.
“We’ve seen vacancy rates tighten over the recent months, and they’re dropping further because we’re not seeing new supply come into the rental market,” said Nicola Powell, Domain chief of research and economics.

https://www.afr.com/property/residential/rents-soar-to-new-highs-as-vacancy-rate-slumps-to-record-20231004-p5e9ko