Australia’s national residential vacancy rate rose to 1.3% in November 2025, up from 1.2% in October, according to data released by SQM Research on Thursday.
The total number of residential vacancies increased to 38,690 dwellings, up by 2,538 from the previous month, signalling a mild seasonal easing in the national rental market.
Sydney’s vacancy rate rose to 1.4%, up from 1.3%, with 10,720 vacant dwellings. It is the third straight month of small increases, pointing to a gradual easing after intense rental competition earlier in the year.
Melbourne’s vacancy rate stayed at 2.0%, with 10,451 properties available. Analysts said the city continues to demonstrate a balanced rental environment, supported by steady additions to supply and stable tenant demand.
Brisbane held a vacancy rate of 1.0%, with 3,645 dwellings available. Conditions remain tight, though rent growth has slowed compared with earlier in the year.
Perth’s vacancy rate was unchanged at 0.7%, with 1,311 vacancies. The city retains one of the lowest vacancy levels nationwide amid persistent undersupply.
Adelaide’s vacancy rate slipped to 0.8%, with 1,237 dwellings on the market. Tight conditions continue to maintain upward pressure on rents.
Canberra’s vacancy rate rose to 1.5% from 1.4%, with 942 vacancies. The market often cools in late spring as tenant turnover eases.
Darwin recorded a vacancy rate of 1.0%, up from 0.7%, with 250 dwellings available. The rise reflects a gradual increase in rental stock following earlier constraints.
Hobart remained among the tightest markets in the country, holding a vacancy rate of 0.4% with 109 properties vacant, underscoring limited new supply.
National advertised rents were largely steady through November, with combined rents unchanged for the month and up 5.3% year-on-year.
The national combined rent average now stands at $668.41 per week, while the capital city average sits at $757.73 per week.
House rents eased 0.1% for the month but remain 5.1% higher annually, while unit rents increased 1.6% over the month and 5.6% over the year.
Louis Christopher, managing director of SQM Research, said the modest rise in the national vacancy rate reflects a normal seasonal pattern.
“Rental markets are still tight overall, but some cities – particularly Sydney – are showing tentative signs of easing,” Christopher said.
“That said, vacancy rates remain well below long-term averages, especially in Adelaide, Perth, and Hobart, where rental supply continues to fall short of demand.”
Christopher said the company expects 2026 to be a year of moderation in the rental market, with capital city rental growth forecast at 2% to 4%.
“Indeed we think it is possible 2026 will be the first year since Covid where there is a balance of sorts between new supply and the expansion in underlying demand,” Christopher said.
