There is still little relief in sight for renters, with new figures showing the national vacancy rate remained at a record low of 0.8% in November.
According to Domain data it was 1.5% at the same time last year and chief of research Nicola Powell warns it will not improve anytime soon.
Despite some minor seasonal increases in vacancy rates, Powell says there are only 20,320 vacant rental properties, 47% less than at the same time last year.
“We still have a landlord’s market across Australia and in every capital city,” she says.
“We’re nowhere near providing alleviated conditions for tenants. While we see that small seasonal lift in rentals, we also see a higher level of people looking for a rental. It is a drop in the ocean compared to what we need.”
In November, Melbourne vacancies dropped to 1.1%, Sydney was 1.1%, Perth and Adelaide had the lowest vacancy rate of 0.3%, Hobart 0.4% and Canberra 1.2%.
