This article is from the Australian Property Journal archive
THE national vacancy rate for the residential rental market has remained unchanged in October at 1.8%, according to SQM Research.
SQM Research found the number of vacant properties dipped by a mere 560 nationwide compared to September, coming to a total of 49,104 homes.
Year-on-year, vacancies are 0.1% lower when compared to October 2011.
Melbourne recorded the highest vacancy rate at 2.8% and a total of 12,037 vacancies.
Perth recorded the tightest vacancy rate, at just 0.6% and a total of 1,025 vacancies.
Brisbane and Darwin were the only two capital cities to record monthly increases with Darwin recording the most substantial, rising 0.2% to 0.7% to a total of 171 vacancies and Brisbane increased by 0.1% to 1.6% or 4,423 properties.
SQM managing director Louis Christopher said although 0.7% is still considered to be excessively tight, it is the first time in eight months that Darwin has recorded a vacancy rate above 0.6% and would potentially be providing some relief for renters in this capital city.
“Overall our national vacancy rates series continues to record a tight market, particularly with regard to Perth and Darwin which are not showing any signs of been hurt by current concerns about the resources cycle. I see Melbourne has had more vacancies added to the stockpile and we think that vacancies are not likely to peak in that city until later 2013 when we estimate the top in the dwelling completions cycle passes through,” he added.
Hobart recorded the largest monthly decrease, falling by 0.3% to 536 properties.
Elsewhere in Sydney, the vacancy rate was 1.6% down from 1.7% to 8,851 properties. Adelaide had 2,314 vacancies or 1.4%, which is down from 1.5%.
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