National vacancy rates marginally declined in August

From

Data released by SQM Research has revealed the national residential rental vacancy rate marginally declined in August 2019 to 2.2% from July.  The total number of vacancies Australia-wide is now at 75,757 vacant residential properties, a decrease of 589 over the month but up 5,310 dwellings over the past 12 months.

Sydney, Perth and Adelaide recorded minor decreases of 0.1% in vacancy rates. Brisbane, Canberra and Hobart increased by 0.1%, with Hobart remaining the lowest in the country at 0.6%.  All other capital cities remained steady over the month.

Sydney continues to have the highest vacancy rate in the country at 3.4%, this time last year the rate was lower at 2.8%.

 

 

Managing Director of SQM Research, Louis Christopher said, “Residential property rental vacancy rates remained largely steady for the month of August with perhaps the exception of Perth which continues to record a recovering rental market. While Sydney did record a slight decline our expectation is the Sydney rental market will still fall from here. We believe rental vacancy rates will peak at 4% in Sydney by the end of this year.”

Asking rents

Over the month, Capital city asking rents declined 0.4% for houses but remained steady for units for the week ending 12 September 2019 to record asking rents of $544 per week for houses and $438 per week for units.

In comparison, over the 12 months, asking rents for houses declined 1.4% and a 0.5% decline for units.

Sydney recorded declines in asking rents over the month for both houses and units by 1.3% and 0.2% respectively.  Melbourne also saw declines in both houses and units over the month, dropping 0.2% for houses and 0.7% for units.  Hobart’s unit rental market increased 4.8% over the month but houses declined 0.5%.

Brisbane continues to be the only capital city to record increases in weekly rents over the month for both houses and units at 0.6% for houses and 0.9% for units.

 

 

Key points

  • The National residential rental vacancy rate marginally declined in August 2019 to 2.2% from July.
  • Sydney, Perth and Adelaide recorded minor decreases of 0.1% in vacancy rates.
  • Brisbane, Canberra and Hobart increased by 0.1% with Hobart still remaining the lowest in the country at 0.6%.
  • Melbourne and Darwin’s vacancy rates remained steady over the month.
  • Over the month, Capital City asking rents declined 0.4% for houses but remained steady for units for the week ending 12 September 2019 to record asking rents of $544 per week for houses and $438 per week for units.
  • Brisbane continues to be the only capital city to record increases in weekly rents over the month for both houses and units at 0.6% for houses and 0.9% for units.

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