The national rental market now sits at 1.9% according to SQM Research. This figure represents a decline of 1,712 vacancies month-on -month.
Most capital cities either remained the same or slipped marginally during July, with Canberra the only capital city to experience an increase in vacancies, climbing 0.3% to 1.1%, a total of 637 vacancies.
All Australian capital cities are experiencing a tight rental market, with the exception of Melbourne- which with a recorded vacancy rate of 2.9%, currently boasts the largest supply of vacant rental dwellings.
The continued upwards trend in yields is increasingly making property more attractive compared to returns that can be achieved in equities or cash.