National Rental Vacancy Rates Reach Four-Year High

The national rental vacancy rate increased by 0.2 percentage points in July, reaching 1.5%, the highest level observed since February 2022. Despite this rise, the market remains tight, as a balanced market typically requires a 2.5-3.5% vacancy rate.

For Melbourne's western growth corridor, this slight easing in vacancy rates might offer renters a marginally broader selection of properties. However, ongoing investor caution due to recent budget changes could limit future rental supply, potentially keeping rent growth elevated.