New data released from PropTrack shows Australia's national rental vacancy rate is at its lowest level since 2018 — and it is unlikely to improve any time soon.
Adelaide has the second-most competitive rental market with a vacancy rate of 0.92 per cent, which has dipped by 45 per cent since the start of the pandemic.
Hobart was the only capital city to see an increase in its rental vacancy rate in February, although it was marginal at just 0.06 percentage points. Mr Ryan said there has also been a noticeable surge in demand for rental properties in Sydney and Melbourne, with both capitals seeing a tighter rental market over the past year.
"Melbourne's vacancy rate has more than halved over the past 12 months, so it shows just how tough conditions have gotten."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Football Australia to launch Women's Australia Cup in 2024The nationwide knockout competition will be the first of its kind for Australian women, and will run parallel to the men's edition starting from next year.
Read more »
King Charles meets Australia's new High Commissioner in UK, former defence minister Stephen Smith2023 marks the first year for the royals after the death of Queen Elizabeth II. From Harry's tell-all memoir to King Charles III beginning his reign, here's a collection of photos from the lives of the UK royals.
Read more »
New York City rats can carry Covid variants, new study findsCDC says animal-to-human transmission is rare but study’s lead investigator calls for closer look at virus in rats for new strains
Read more »
‘Millions had data stolen’: Australia years behind on cyber securityHome Affairs Minister Clare O’Neil says Australia is five years behind on cyber security and “millions of Australians” had their data stolen from them.
Read more »
Australia politics live: Albanese to meet Modi at Ahmedabad Test, robodebt watchdog fronts inquiryFollow live
Read more »
Urgent repairs underway on one of Australia's newest ships after 'potential mechanical defects' discoveredEngineers are working to repair one of the Royal Australian Navy's newest ships, with Defence investigating 'possible mechanical defects' on the Spanish-built HMAS Supply.
Read more »