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%.