This article is from the Australian Property Journal archive
NATIONAL residential vacancies firmed slightly in February in line with seasonal increases in demand, although the impact of Covid-19 remains to be seen.
New data released by SQM Research today showed the national rate declined to 2.0% from 2.1% recorded in January, with the total number of vacancies Australia-wide now at 68,079.
Most states recorded minor declines in vacancy rates, with the exception of Hobart which recorded a 0.3% increase.
“February marks the start to the new year in the property industry and gives us a clearer picture of the rental market,” managing director of SQM Research, Louis Christopher said.
“The decline in vacancy rates is a reflection of a seasonal increase in rental demand plus ongoing decline in dwelling completions and the ongoing increase in population. We are likely to record further declines in rental vacancy rates as 2020 progresses unless the country enters into a prolonged economic depression.”
Adelaide remained stable at 1.0% vacancy rate.
Sydney surpassed Darwin as holding the highest vacancy rate in the country, at 2.9%, despite dropping 0.3%. Darwin tightened 0.5% to 2.7%.
Canberra’s vacancy rate declined 0.4% to 1.0% and Melbourne from 2.1% to 1.9%.
Only Melbourne, Canberra and Hobart recorded higher vacancy rates compared to the same time last year.
Sydney, Melbourne, Adelaide and Canberra all recorded decreases in asking rents for both houses and units during February. Perth was the only city to record rent increases for both houses and units, 0.1% for houses and 2.5% for units.
Darwin and Hobart posted modest house rent increases of 1.2% and 0.5% respectively, and drops in unit rents of 2.4% and 1.4%. Brisbane house rents fell 0.4% and unit rents were stable.
