Vacancy Rates Remain Tight

Vacancy rates held steady throughout August and remain at 1.2% with 37,742 vacant dwellings now across Australia.

SQM Research data shows that nationally, the number of vacant properties only dropped by 121 between July and August.

There have been some slight drops in Sydney, down to 1.4% from 1.5% and Hobart, down to 0.5% from 0.6%.

There were marginal increases in Canberra (now 1.6%) and Brisbane (1.0%), while vacancy rates remain steady in Melbourne (1.8%), Adelaide (0.8%) and Darwin (0.5%).

SQM Research managing director Louis Christopher says there is still a shortage of available rental properties in all capital cities, which is resulting in higher rents.

“Hobart and Darwin stand out with double-digit annual rent growth, driven largely by unit demand,” he says.

“Nationally, rents continue to edge higher, particularly for units, which are now outperforming houses in most capitals.”

Christopher says overall, the rental market remains tight. Advertised rents increased by 0.4% in August, resulting in a 4.6% increase year on yea,r with unit rents rising faster than house rents.