National residential rental vacancy rates fell to a new low of 1.5% in November, according to new data from SQM Research. The total number of vacancies Australia wide now stands at 55,370, down from 56,953 in October. Melbourne and Brisbane’s vacancy rate dropped to 3.2% and 1.3% in November.

Many regional townships in NSW recorded a tightening in vacancy rates over the month of November such as Dubbo and NSW North Coast which recorded 0.4% and 0.5% respectively.

In Perth, Adelaide, Canberra, Darwin and Hobart the vacancy rate remained well below 1.0%.

SQM says many towns are expected to have the “no vacancy” sign out over the holiday period, including the Gold Coast whose vacancy rate is just 0.7%.

SQM managing director Louis Christopher says: “The no vacancy sign is lit up across most of Australia. There has never been a time when five of our eight capital cities simultaneously recorded rental vacancy rates under 1%. This has translated into surging rentals.”