Vacancy rates remain stubbornly low, according to the latest data from SQM Research.

The national vacancy rate remains at 1.3% in July 2026, unchanged from June, which equates to 40,771 vacant dwellings.

Brisbane, Perth, Adelaide, Darwin and Hobart all have vacancy rates below 1%, with Darwin the lowest at just 0.3%.

Sydney and Melbourne are both 1.7% while Canberra has the highest vacancy rate of the capital cities at 1.8%.

SQM Research managing director, Louis Christopher, says the figures suggest there has been some stabilisation in rental availability, although the underlying market remains tight.

“Total vacancies have increased compared with this time last year, particularly in Sydney and Canberra, but five capital cities are still recording vacancy rates below 1%,” he says.

Christopher says there is significant pressure on tenants.

“Overall, the rental market remains undersupplied. Until we see a more sustained increase in available rental stock, we expect affordability pressures to remain elevated.”