The number of national residential vacancies has risen during April, recording a vacancy rate of 2.5%, and 75,749 vacancies.
Year-on-year results demonstrate that national vacancies appear to be slightly above the common seasonal trends expected at this time of year.
Perth recorded the largest monthly rise, with vacancies increasing by 0.5 percentage points during the month of April.
Canberra also experienced a reasonable monthly rise, with percentage points up 0.3%.
In contrast, vacancies remained the same in Hobart over the month of April, with a tight rate of just 0.9% based on just 240 vacancies.
Perth continues to record an alarming number of vacancies, particularly when one considers the amount recorded this time last year (April 2015), with vacancies climbing a total 1.1%.
Notably, according to SQM Research, Darwin has 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.
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.
- Nationally, vacancies climbed during April 2016, recording a rate of 2.5%, based on 75,749 vacancies.
- Perth recorded the highest vacancy rate in April 2016 of 4.6% based on 9275 vacancies.
- Year-on-year, vacancy rates decreased in most capital cities, excluding Adelaide, Perth and Brisbane where vacancies rose.
- Hobart recorded the lowest vacancy rate during April 2016 – 0.9% based on 240 vacancies.
- Over the past 12 months, Darwin asking rents have experienced excessive yearly falls with houses down 8.4% and a 12.5% decrease for units.