It coincides with SQM Research data showing a record reduction in the availability of rental properties, with the national vacancy rate falling to a 10-year low of 1.7% in June. Many regional markets have vacancies below 1%.
The combined rate of rental price growth outside the capital city markets hit 11.3% over the year to June. It was the highest annual growth result since CoreLogic’s rental index began in 2005.
Among the capital cities, Darwin (22%) recorded the highest annual growth, ahead of Perth’s 17% rise. Hobart rose 9%, followed by Brisbane and Canberra (7.3%), Adelaide (7.2%), and Sydney (3.2%). Melbourne was the only capital to record a decrease, down 1.4%.