National vacancy rates remain steady in October

From

Data released by SQM Research yesterday has revealed the national residential rental vacancy rate remained steady in October 2019 at 2.1% from September. The total number of vacancies Australia-wide is now at 69,951 vacant residential properties. October 2018’s vacancy rate was 2.0% with 67,337 vacant dwellings.

Sydney, Adelaide and Hobart recorded minor decreases in vacancy rates over the month of 0.1%. Both Brisbane and Canberra increased by 0.1%, with Melbourne remaining steady at 2.0%.

Hobart continues to have the lowest vacancy rate in the country at 0.5% although Adelaide is not far behind with a low 0.8% vacancy rate. Sydney and Darwin recorded the highest vacancy rate both at 3.1%.

 

 

Managing Director of SQM Research, Louis Christopher said, “Residential property rental vacancy rates continue to remain largely steady for the month of October. Adelaide continues to record a recovering rental market.

Asking rents

Over the month, Capital city asking rents increased 0.9% for houses but remained steady for units for the week ending 12 November 2019 to record asking rents of $549 per week for houses and $435 per week for units.  In comparison, over the 12 months, asking rents declined 0.7% for both houses and units.

Sydney recorded increases in asking rents over the month of 1.5% for houses and 0.2% for units. However, Sydney is still recording rent falls of over 4.0% year on year.

Adelaide, Canberra and Hobart also recorded increase in asking rents for both houses and units.  Canberra’s house rents had the largest increase of 4.5% over the month. For units, Hobart recorded the highest increase of 3.9%.

Perth and Darwin, recorded decreases for both house and unit rents.  Whilst Melbourne and Brisbane’s house rents have increased 0.5% and 0.2% respectively, but unit rents have declined 0.6% for Melbourne and 0.7% for Brisbane.

 

 

Key points

  • The national residential rental vacancy rate remained steady in October 2019 at 2.1% from September.
  • Sydney, Adelaide and Hobart recorded minor decreases in vacancy rates over the month of 0.1%.
  • Brisbane and Canberra both increased by 0.1%, with Melbourne remaining steady at 2.0%.
  • Hobart continues to have the lowest vacancy rate in the country at 0.5% although Adelaide is not far behind with a low 0.8% vacancy rate.
  • Sydney and Darwin recorded the highest vacancy rate both at 3.1%.
  • Over the month, Capital city asking rents increased 0.9% for houses but remained steady for units for the week ending 12 November 2019.
  • Adelaide, Canberra and Hobart recorded increase in asking rents for both houses and units.
  • Canberra’s house rents had the largest increase of 4.5% over the month. For units, Hobart recorded the highest increase of 3.9%.

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