This article is from the Australian Property Journal archive
RESIDENTIAL vacancy rates around Australia began their seasonal increase in November, as demand eases and students return home.
Data released by SQM Research has shown the national vacancy rate increased marginally in November to 2.2% from 2.1% recorded in October, and is down from November 2018’s rate of 2.3%. The total number of vacancies Australia-wide is now at 75,947 vacant residential properties.
Darwin and Hobart’s vacancy rates remained steady at 3.1% and 0.5% respectively, while all other capital cities experienced an increase.
Sydney continues to record the highest vacancy rate at 3.4%, and has posted a figure above 3.0% each month since November 2018 in the midst of an oversupply. Like Darwin, the city is still a renter’s market.
Melbourne (2.2%), Brisbane (2.5%) and Adelaide (1.0%) all recorded minor increases in vacancy rates over the month of 0.2%. Perth (2.5%) and Canberra (1.1%) increased by 0.1%.
SQM Research chief executive officer, Louis Christopher said the rise in vacancy rates across most cities was expected in November as the year draws to a close and demand for rental accommodation drops.
“Our expectation is rental vacancy rates will rise again in December due to a seasonal decline in rental demand, predominantly driven by students returning back home.”
Melbourne, Brisbane, Perth, Adelaide and Hobart all recorded increases in asking rents for both houses and units over the month. Hobart posted the biggest rise at 4.0% for houses.
Darwin recorded the highest decrease for house rents of 3.9%, but unit rents inched upwards by 1.0%.
Sydney managed to increase asking rents for houses by 0.3% but recorded rent falls of 0.7% for units, while Canberra house asking rents lifted 0.9% but dropped 1.8% in units.
