May Property Market Update 2025 — The Gallery Real Estate

Vacancy rates increased notably across the country in April, rising 18.7% year-on-year to a total of 39,378 vacant properties. Melbourne recorded the highest vacancy rate at 1.8%, with vacancies climbing 56.9% to 9,379 properties.

Despite this, rental prices in Sydney and Melbourne continued to rise, with year-on-year growth of 1.7% and 2.4% respectively. Perth rents increased strongly by 6.2%, driven by ongoing demand and limited supply.

The rise in vacancies, especially in Melbourne and Sydney, suggests rental market conditions may be easing, offering more opportunities for tenants seeking accommodation.