I take your point, but vacancy rates are not going up absolutely everywhere surely? What about here:
http://www.sqmresearch.com.au/graphs/graph_vacancy.php?postcode=3031&t=1
Might be of interest:
http://www.theage.com.au/business/rents-rise-across-the-country-20091118-il2l.html
(apologies if I've put this in the wrong place)