Vacancy Rates Continue To Fall

The national residential vacancy rate is continuing to fall, dropping to 1.1% in September, according to SQM Research.

The total number of rental vacancies Australia-wide dropped by 2765 dwellings to 32,660 vacancies, during the month.

SQM Research managing director, Louis Christopher says vacancies dropped in most capital cities, with Sydney now 1.3%, Melbourne, 1.2% and Canberra, 1.8%.

Most regional areas experienced drops in vacancies as well with the North Coast NSW now 1.4% and the Gold Coast 1.1%.

Christopher says 77.6% of all postcodes recorded a fall in rental vacancy rates over September.

As vacancy rates dropped, dwelling asking rents went up nationally by 1.3%, making the increase for the past 12 months 16.2%.

House rents are up 15.6% on the same time last year, while unit rents are up 16.1% during the same period.

The national median weekly asking rent for a capital city house is now $792 a week while a capital city unit is $590 a week.