Record low vacancies
Domain's vacancy rate figures haven't been around for as long as some other indexes - since 2017 - but they are at their lowest levels to date, with the national vacancy rate steady at 1 per cent:
Sydney vacancies were flat at a record low for this data series of 1.4 per cent.
Melbourne posted the largest decline, with the vacancy rate dropping to 1.6 per cent.
While Brisbane tightened further, down to an all-time low of just 0.6 per cent, while Adelaide was even lower at just 0.3 per cent.
Domain sees soaring rents ahead.
Full report here.
This tight level of supply is one of the reasons I see the current downturn in real estate prices as a cooling rather than anything more dramatic.
Other reasons include record high employment, rising population growth and incomes, and the vast pool of generational wealth in Sydney waiting to be deployed into the first hint of a real estate bargain.
