Figures released by SQM Research this week have revealed that the number of residential vacancies nationally dipped slightly during October, recording a vacancy rate of 2.1% nationally, and 62,947 vacancies.
This is the second consecutive monthly decrease in rental listings off the back of a period of reasonable stability; however our historical data has revealed that this is a pattern which has been repeated over the last several years, and thus is more than likely a seasonal decrease.
- Nationally, vacancies fell during October, recording a vacancy rate of 2.1% and coming to a total of 62, 947 nationally.
- Melbourne recorded the highest vacancy rate of the capital cities, revealing a vacancy rate of 2.5% and a total of 11,692 vacancies.
- Hobart has recorded the tightest vacancy rate of the capital cities, revealing a vacancy rate of 1.3% and a total of 352 vacancies.
- Darwin has recorded the highest yearly increases in vacancies, climbing by 1.2 percentage points to 2.1% since the corresponding period of the previous year (October 2013) and coming to a total and 571 vacancies.
- Both Canberra and Hobart recorded the largest yearly decrease in vacancies, falling by 0.3 of a percentage point to 1.8% and 1.3% respectively since the corresponding period of the previous year (September 2013).
- No capital cities’ vacancy rates increased on a monthly basis except for Darwin which rose by 0.3 of a percentage point to 2.1%.
- Canberra has recorded the largest monthly decline in vacancy rates, dropping by 0.3 of a percentage point to 1.8 during October 2014.
Year on year, vacancy rates on a national level have remained stable also, with only a 0.1 percentage point increase recorded when compared to October 2013.
Drastic yearly changes are occurring on a capital city basis however, with both Perth and Darwin revealing massive surges in vacancies since this time last year.
This has been the trend in recent months and is largely attributed in the downturn in the mining boom, to which both these cities are highly sensitive.
The remainder of the capital cities have either steadied or recorded minor decreases, although Canberra has proven to be the exception both on a monthly and yearly level, revealing a 0.3 percent point drop since October 2013, and of particular interest since September 2014 also (month-on-month).
Coinciding with this, it is these three capital cities (Darwin, Perth and Canberra) that have experienced yearly falls in asking rental prices when compared to this week last year, as seen in the chart below: