House Vacancy Rates Still Falling – and Rents Naturally Keep on Rising

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Rental vacancy rates for houses remained low in most capitals over March, continuing to put upward pressure on rents as tenants desperately scramble to secure available properties.

The latest data from My Housing Market reveals that capital city house vacancy rates, with the exception of Melbourne, remained below 2.0% with Adelaide, Perth, Hobart, Darwin, and Canberra remarkably all below 1.0% – and Brisbane just above.

Melbourne remains the exception with clearly the highest capital city house vacancy rate – and continuing to rise.

Rental Vacancy

Reflecting low vacancy rates, all capitals, again with the exception of Melbourne, have recorded increases in house rents over the past year.

Canberra, where annual house rents were flat, however, remains clearly the most expensive capital for tenants.

Asking Rents

Unit vacancy rates also remain tight in most capitals with the notable exception of Melbourne and Sydney where record-level inner-city apartment vacancies have resulted in sharply falling rents.

Housing shortages and sharply higher rents have emerged in most capitals with the exception of Melbourne where interstate migration shifts and a CBD apartment glut are providing relief for local tenants.

Similarly, Sydney’s inner-city apartment market also reflecting the impacts of border restrictions is providing more choices and lower rents for tenants – with no relief for landlords insight.

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About

Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.


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