Vacancies tighten
Vacancy rates fell to a record low over the past couple of months, according to Domain's latest rental report.
The tightening has been driven by Sydney and Melbourne over recent months, as the big cities become busy again.
We have started to see some increases in rental vacancies in some regional and coastal areas, such as at Gold Coast and the Sunshine Coast, as tenants push back on rents and some decide to return to the city.
Sydney's house rents increased another 4.8 per cent over the quarter to a record high of $650/week.
Sydney's unit rents also increased 14.6 per cent over the past year to a record high of $550/week.
There were even stronger increases in rents for houses in Brisbane.
Click to expand the image below:
Source: Domain
Alan Kohler at the New Daily explains the looming housing shortage, with a 2.22 million visa applications since June 1, on top of the 872,000 visa backlog in the pipeline.
Source: New Daily
Sydney now has a record low number of properties available for rent, dropping 55 per cent over the past year.
