The last time national vacancy rates were this low was in February 2020, the month before the COVID pandemic caused widespread lockdowns. This is the equal lowest national vacancy rate since Domain records began in 2017.
Melbourne was set for the second busiest Saturday of the year for the city, however a large proportion of homes set for auction are likely to be postponed, withdrawn or quickly shifted to online.
Strong conditions in the Australian housing market have resulted in more sellers lifting asking prices midway through a sales campaign. As prospective buyers have been making inquiries and attending inspections, many vendors have felt confident they could be commanding greater asking prices.
The national vacancy rate is at pre-pandemic levels, and the lowest since March 2020, the month before widespread lockdowns and international border closures.