This article is from the Australian Property Journal archive
THE number of national residential vacancies increased in April to 2.5% or 75,749 properties compared to 70,493 a month earlier, according to SQM Research.
The number of vacancies are also higher when compared to 12 months ago with 2.3% and 69,295 properties.
Perth recorded the largest monthly rise, up 0.5% to 4.6% or 9,275 properties. Canberra also experienced a reasonable monthly rise, up 0.3% to 1.4% or 784 rentals.
SQM’s managing director Louis Christopher said Perth continues to record an alarming number of vacancies, considering the rate recorded in April 2015 was 3% or 5,939 rentals.
“The vacancy rate for Perth is now at a record high based on our series. It is suggestive that the housing downturn in Perth has yet to bottom out and that rents, which are already well down from their peaks in 2012, still have further to fall,” Christopher said.
In contrast, vacancies remained the same in Hobart with tight rate of just 0.9% based on just 240 vacancies, down from 1.4% or 383 properties a year ago.
Sydney vacancy rates nudged higher from 1.6% to 1.7% or 10,394 rentals.
Melbourne increased by 0.2% to 2.8% or 9,778 properties.
Similarly, Brisbane increased by 0.2% to 2.8% or 9,110 vacancies.
Meanwhile SQM recorded ongoing falls in asking rents of 8.4% for houses and 12.5% for units over the past 12 months.
Yearly falls have also been recorded in Perth, with asking rents down 8.4% for houses and a considerable 9.3% for units. Hobart continues to record the most affordable rental accommodation with rents for houses at just $350 a week, while Adelaide recorded the most affordable unit rent, averaging $285 a week.
Australian Property Journal
