Australia’s vacancy rate remained at a very low 1.0% in April, which is the lowest rate on record since Domain began measuring this statistic in 2017.
Drilling down to city level, vacancy rates fell in Sydney and Melbourne between March and April, continuing a longer-term trend, according to Domain.
Vacancy rates climbed slightly in Perth, Adelaide, Hobart and Canberra, but from ultra-low levels, while they remained unchanged in Brisbane and Darwin.
The vacancy rate is the share of untenanted rental properties. When the rate falls below 2%, the balance of power favours landlords over tenants; when the rate falls below 1%, it tips very strongly in favour of landlords, leading to sharp rent rises.
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