SQM Research has revealed national residential property rental vacancy rates remained steady over the month of May 2023 at 1.2%.
The total number of rental vacancies Australia-wide rose slightly by 122 dwellings to stand at 36,907 residential properties. Only Darwin recorded a slight 0.2% fall for the month. While Sydney recorded rises in rental vacancy rates to 1.5%, respectively.
Rental vacancy rates were steady in, Melbourne, Brisbane and Adelaide at 1.2%, 1.0% and 0.6%, respectively. Similarly, Perth, Canberra, and Hobart also maintained stable rental vacancy rates during the month at 0.6%, 2.0% and 1.6%.
Rental vacancy rates in the Sydney CBD, Melbourne CBD and Brisbane CBD also increased rapidly to 5.1%, 3.7% and 2.0% over May.
The majority of regional areas recorded stable rental vacancy rates during the period. The North Coast NSW maintained its rate at 1.8%, while the Blue Mountains experienced a slight decrease to 1.7%. On the other hand, the Gold Coast Main recorded another increase, reaching 1.4%.
Perth‘s rental vacancy rates have remained steady at 0.6%. Meanwhile, South East Perth and the Central Coast WA have seen a slight decrease in vacancies, with rates at 0.3% and 0.7% respectively. As for Hobart, the rental vacancy rate has remained stable at 1.6%.
Asking rents
Over the past 30 days to 12 June 2023, the capital city asking rents rose by 0.6% with the 12-month rise standing at 19.4%. Capital City house rents rose by 1.1% and are recording 12 month increases of 17.1%, while unit rents have risen by 0.2% for the past 30 days and are higher by 22.1% for the past 12 months.
The national median weekly asking rent for a dwelling is $571.82 a week. The capital city asking rent for a dwelling is $667.37 a week. The median rent for a capital city house is $767 a week while the rent for a capital city unit is $580 a week.
The most expensive rent is Sydney houses at $972.73 a week. At the same time the most affordable rent is Adelaide units at $416.93 a week.
Hobart has recorded another decline in rents for the month, down 1.3% for combined dwellings. Hobart asking rents are now down by $29 a week since January 2023.
Louis Christopher, Managing Director of SQM Research said: “Rental vacancy rates were largely steady for the month, notwithstanding another rise in Sydney and Hobart. While there has been some easing in rental conditions especially in regional Australia, it is still very much a landlord’s market for most capital cities. We note though the recent increases in CBD rental vacancy rates. Especially for the Sydney CBD. We will keep noting such areas so tenants can continue to understand areas that may now be experiencing relatively less rental stress.”
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