The national residential rental vacancy rate declined marginally in May 2019 to 2.2%, a decrease from 2.3% in April.
The total number of vacancies Australia-wide is now at 75,093 properties for rent, a decrease of 2,571 over the month but up 5,941 dwellings over the past 12 months.
Most states recorded minor declines ranging from 0.1% to 0.3%.
Darwin and Sydney have the highest vacancy rates in the country, both at 3.3%.
A 3.0% vacancy rate is what would normally be considered a balanced market.
Darwin declined by 0.3% and Sydney’s decline was 0.1%.
Perth’s vacancy rate is not far behind at 3.1%, having dropped 0.1%.
Hobart’s vacancy rate decreased from 0.6% to 0.5% in May and continues to record the lowest vacancy rate in the country.
|City||May 2018 Vacancies||May 2018 Vacancy Rate||April 2019 Vacancies||April 2019
|May 2019 Vacancies||May 2019
- National residential vacancy rates decreased to 2% in May 2019, from 2.3% in April.
- Darwin and Sydney have recorded the highest of all capital cities, both at 3%.
- Perth is not far behind with a vacancy rate of 1%, a decrease from 3.3% in April.
- Capital city asking rents decreased by 2% for both units and for houses for the week ending 12 June to record asking rents of $553 per week for houses and $441 per week for units.
The month of May recorded a marginal change in rental vacancies, overall.
However the standouts for me were the falls in vacancy rates for Brisbane and Perth.
I think the rental market is decidedly turning in favour for landlords in these two cities.
Both cities also recorded fairly strong increases in asking rents for the month.
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Indeed, Perth is now recording a 6% rise in asking rents for houses over the past 12 months.
With no expected material increase in new dwellings, I believe the rental market will continue to tighten from here for the two cities.
Capital city asking rents decreased by 0.2% for both units and for houses for the week ending 12 June 2019 to record asking rents of $553 per week for houses and $441 per week for units.
In comparison, over the 12 months, asking rents for houses increased 0.4% but declined 0.7% for units.
Sydney’s asking rent for units and houses have both continued to decline marginally by 0.1% for houses and 0.5% for units to 12 June.
Over 12 months, the decline has been 3.6% for house rents and 3.8% for units.
Adelaide, Darwin and Hobart were the only states to experience increases in weekly rents for both houses and units.
Adelaide’s house rents increased 1.0% and units by 1.8%, Darwin’s house rents increased by 3.0% (the highest among all states) and units increased by 0.1%.
Hobart’s house rents increased 1.9% and units increased by 3.7% (the highest among all states).
|SQM Research Weekly Rents Index|
|Week ending: 12 Jun 2019||Rent||Change on
|Cap City Average||All Houses||553.0||-2.0||-0.2%||0.4%|