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Australia’s vacancy rates record first rise in 2022 - featured image
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Australia’s vacancy rates record first rise in 2022

Asking rents in Australia rise again by another 1.4%, based on  data from SQM Research. 

The latest data revealed national residential property rental vacancy rates rose to 1.1% in April 2022, from 1% in the month of March.

The total number of rental vacancies Australia-wide now stands at 39,616 residential properties, up from 36,868 in March.

Sydney, Melbourne and Brisbane vacancy rates remained stable at 1.6%, 1.9% and 0.7%.

In the smaller capital cities, Perth, Adelaide, Canberra, Darwin and Hobart, rental conditions eased somewhat with vacancy rates increasing in each respective city; albeit conditions remained tight.

Vacancy rates rose in the Melbourne CBD to 2.9% from 2.4% and rose in the Sydney CBD to 3.5% from 3.4%.

While some regions recorded a slight lift in vacancies, rental conditions remain tight with the average regional rental vacancy rate remaining well below 1%.

Vacancy Rates April 2022

Source: SQM Research, 16th May 2022

Asking Rents

Over the past month to 12 May 2022, the capital city asking rents rose by another 1.4% with the 12-month rise standing at 13.8%.

Capital city house rents are recording 12-month increases of 15.3%, while unit rents have risen by 13.1%.

Rental conditions slightly improved for tenants over April and our weekly rental listings for May suggest another slight easing.

Potentially more property owners are responding to the tight rental market and are looking to lease their properties once again after taking their investment property off the market during the bleakest periods of Covid.

So, while it’s way too early to state the worst is over for the national rental market, we may be close to that point.

Clearly, landlords remain confident as they lifted their asking rents by another 1.4% over the past 30 days.

Sqm Research Weekly Asking Prices Index 03 May

 

About Louis is recognised as one of Australia’s most respected and impartial research property analyst. He has extensive knowledge and experience of property and is regularly quoted in the media on his insights and is director of SQM Research.
Visit www.SQMResearch.com.au
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