National vacancy rates increase marginally in December

From

New data released by SQM Research yesterday has revealed the national residential rental vacancy rate increased marginally in December 2019 to 2.5% from 2.2% recorded in November, with the total number of vacancies Australia-wide now at 84,591 vacant residential properties.  The December 2018 vacancy rate was also 2.5%.

All states recorded marginal increases in vacancy rates with Sydney recording the highest at 3.6% followed by Darwin at 3.5% and Brisbane at 2.9%.  Hobart is the lowest of all capital cities at just 0.6%

Perth’s rental market is showing minor improvements with the vacancy rate remaining steady at 2.5% and asking rents increasing for both houses and units by 0.6% and 0.8% respectively.

 

 

Managing Director of SQM Research, Louis Christopher said, “Although there was a small rise in vacancy rates across all cities in December due to seasonality, the increasing rents in most capital cities could see a move towards a landlords market in the coming months.”

Asking rents

Over the month, Capital city asking rents increased 0.9% for houses and 0.7% for units for the week ending 12 January 2020 to record asking rents of $555 per week for houses and $437 per week for units.  In comparison over the 12 months, asking rents declined 0.7% for houses and 0.5% for units.

Sydney, Melbourne, Perth and Adelaide all recorded increases in asking rents for both houses and units over the month. Brisbane and Hobart recorded increases in house asking rents but unit asking rents decreased by 0.2% and 0.5% respectively.

It was the reverse in Canberra where the city’s house asking rents decreased by 2.4% but its unit asking rents increased by 0.5%.  Darwin’s house asking rents recorded the highest decrease of 3.0% with unit rents remaining steady.

 

 

Key points

  • National residential rental vacancy rate increased marginally in December 2019 to 5% from 2.2% recorded in November. The total number of vacancies Australia-wide is now at 84,591 vacant residential properties.
  • All states recorded marginal increases in vacancy rates with Sydney’s vacancy rate recording the highest at 6% followed by Darwin at 3.5% and Brisbane at 2.9%. Hobart is the lowest of all capital cities at 0.6%
  • Over the month, Capital city asking rents increased 9% for houses and 0.7% for units for the week ending 12 January 2020 to record asking rents of $555 per week for houses and $437 per week for units.

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