Vacancy Rates Fall In Capital Cities

Posted on 20/11/2018  
Vacancy Rates Fall In Capital Cities

The national vacancy rate fell to just 2.0% in October, its lowest level since March 2014, with vacancies falling in many most cities.

Data released by SQM Research reveals that the number of vacancies Australia-wide sat at 67,350 properties. 

Hobart's vacancy rate slipped to just 0.3% while Canberra’s rate is down to 0.6%.

Melbourne’s vacancy rate fell to 1.6% in October from 1.7% in September, with 9,320 dwellings available for rent. 

Sydney was unchanged at 2.8% in October from September with 19,454 properties available for rent.

Brisbane's vacancy rate fell to 2.7% from 2.9% in September - and was down from 3.4% a year ago. Perth fell to 3.3% in October from 3.6%, being well down from 4.4% a year ago. In Adelaide, the vacancy rate remained at a low level of 1.1%.

Darwin was the only capital city to record a rise - its rate rose to 3.8% from 3.6% in September.

SQM managing director Louis Christopher says: “Australia’s national vacancy rate is being driven lower by falling vacancies in many of Australia’s smaller cities. In Hobart, there is a severe shortage of rental accommodation with just 78 properties available to rent, and rents are rising quickly, with no slowdown in sight.

“In Canberra too, where many renters live, there are just 387 rental properties available, putting upward pressure on rents there. Melbourne’s vacancy rate has remained at low levels over the year.

“In contrast, we are seeing a surplus of rental properties in Sydney and rental costs are falling, a trend we expect to continue into 2019.”

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