Maintenance of tree cavity supply is a global conservation priority for forest wildlife, which requires understanding the ecology and population dynamics of cavity-bearing trees. Explaining the occurrence of cavities in trees is particularly important in ecosystems where most secondary cavity-users (SCUs) are critically dependent on the slow formation of cavities by wood-decay processes. Our main objectives were (1) to explain the distribution of decay cavities in trees according to their individual attributes and, (2) to quantify the relative importance of each individual tree attribute to determine the presence of decay cavities. We focused on medium and large decay cavities (smallest entrance dimension ≥ 5 cm), which can limit populations of management-sensitive SCUs. We measured forest attributes and inspected cavities in trees (n = 860) and snags (n = 93) in six 0.5 ha plots from old- and second-growth Nothofagus dombeyi forest stands. We used generalised linear mixed-effects models (GLMM) to analyse the distribution of decay cavities in trees using data on their presence/absence, based on several tree individual attributes, across different sites. We applied an information-theoretical and multi-model inference approach to quantify the strength of alternative sets of hypotheses/models. We used model averaging, which allows estimating coefficients and making inferences that account for model and parameter uncertainty. Diameter at breast height (DBH), crown damage and decay, crown ratio (crown length • trunk length−1) and woodpecker foraging signs were important to explain the presence/absence of decay cavities in trees. Diameter at breast height, woodpecker foraging signs and a moderate-high crown damage and decay were positively related with decay cavity presence. The presence of medium and large decay cavities was also positively related with DBH, but trees with low crown ratios had relatively low probabilities of presenting these cavities, even with DBHs > 150 cm. Trees with DBHs smaller than 50 cm had very low probabilities (<0.25–0.30) to present decay cavities, while the probability of trees presenting decay cavities of medium and large sizes was very low for trees with diameters < 100 cm, even for trees with high crown ratios. Our results point out that conservation of large diameter trees with high crown ratios is important to maintain the supply of decay cavities required by management-sensitive SCUs in these forests. As these keystone structures are globally threatened by climate change induced disturbances (e.g. fires, droughts), they should be maintained/restored through forest management (e.g. retention of keystone structures) to achieve cavity-using wildlife habitat conservation in the long-term.