Rental vacancies have sharpened once more, a new report shows.
According to SQM Research’s latest data, Australia's residential dwelling vacancy rate dropped back to 1.1 per cent in March 2025, down from 1.5 per cent in January 2025. The total number of rental vacancies fell to 34,428 dwellings.
Sydney’s rental vacancy rate decreased to 1.3 per cent, with 9,412 rental dwellings now vacant, compared to 11,155 in February. Melbourne also recorded vacancy falls with its vacancy rate falling to 1.5 per cent, representing 8,194 vacant dwellings. Brisbane also recorded a falling vacancy rate of 0.9 per cent, with 3,207 rental properties now vacant and available for rent.
The city that recorded the largest declines for the month was Darwin with vacancy rates falling sharply to just 0.8 per cent. Perth and Adelaide have the tightest rental markets with both cities recording a vacancy rate of just 0.6 per cent.
Over the month leading up to 12 April 2025, rental prices across Australia's capital city asking rents rose marginally, up by 0.2 per cent. This slight rise continues the trend of a national slowdown in rental growth, which has been a phenomenon since the start of 2024.
In Sydney, dwelling rents rose faster than the capital city average, rising by 1.0 per cent for the past 30 days. Melbourne recorded a 0.2 per cent decrease, with combined rents falling to $647. Brisbane recorded another strong monthly rise in rents, rising by 0.7 per cent.
Perth recorded a surprise fall in rents, falling by 0.2 per cent for the month. Adelaide, recorded the largest fall in rents for any capital city, falling by 0.5 per cent.
Canberra’s rental market remained stable, with rents unchanged at $686 a week. Meanwhile, Darwin recorded a large surge in rents with a 3.3 per cent rise for the month, while Hobart recorded a strong rise of 1.2 per cent with combined rents increasing to $537 per week.
Nationally, combined rents increased by 0.2 per cent to $654 per week.
SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties.