On the Briefcase | Rental vacancy data released

By Tyler Maher

Aug 14, 2024

New rental data has been released. Photo by Rodney Braithwaite

New data released by PropTrack indicates a decline in rental vacancies across regional Victoria.

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The number of vacant rentals in regional Victoria fell 0.15 percentage points in July to sit at 1.21 per cent — 0.15 percentage points lower than at this time last year.

The national vacancy rate held steady, dropping just 0.01 percentage points to 1.42 per cent, while Melbourne’s vacancy rate rose slightly (by 0.05 percentage points) to 1.56 per cent.

“While conditions remain incredibly tough for Australia’s renters, rental supply has improved over the past three months, with the national vacancy rate rising 0.18 percentage points to 1.42 per cent (across the quarter),” PropTrack senior economist Anne Flaherty said.

“Capital cities have seen the largest improvement, with vacancy up in six of the eight cities over the quarter.

“Supporting the rise in capital city vacancies has been an increase in investor activity, with the number of new loan commitments to investors up 25 per cent over the June quarter of 2024 compared to the same period last year.

“Higher investor activity has resulted in more rental properties hitting the market, helping to counteract the increase in demand from population growth.

“Regional areas, in contrast, have seen conditions deteriorate further, with vacancy falling to 1.28 per cent in July. Vacancy in the regions has now held below capital city levels for three consecutive months.”