The national vacancy rate has hit a 10-year low, with new figures revealing it has dropped to 1.6% – but with six of the eight capital cities well below that level.

SQM Research figures reveal the total number of vacancies in October was 56,953 properties, down from 59,345 in September.

Vacancy rates are lowest in Hobart at just 0.4%, while they’re below 1% in Perth, Adelaide, Canberra and Darwin, and slightly above 1% in Brisbane.

Sydney (2.6%) and Melbourne (3.3%) have the highest vacancies, but they’re higher still in the CBDs (7.5% in Sydney and 8% in Melbourne).

SQM managing director Louis Christopher says the last time the national vacancy rate dropped so low was in March 2011.

He says vacancy rates are still very tight in most regional centres and some towns have no vacancies at all.