National Vacancy Rates Declined

The national residential rental vacancy rate marginally declined in August 2019 to 2.2% from July. 

The total number of vacancies Australia-wide is now at 75,757 vacant residential properties, a decrease of 589 over the month but up 5,310 dwellings over the past 12 months. Map Australia Country Population State House Property Vic Qld Nsw Tas Wa Nt 300x199

Sydney, Perth and Adelaide recorded minor decreases of 0.1% in vacancy rates.

Brisbane, Canberra and Hobart increased by 0.1%, with Hobart remaining the lowest in the country at 0.6%.

All other capital cities remained steady over the month.

Sydney continues to have the highest vacancy rate in the country at 3.4%, this time last year the rate was lower at 2.8%.

CityAugust 2018 VacanciesAugust 2018 Vacancy RateJuly 2019 VacanciesJuly 2019 Vacancy RateAugust 2019 VacanciesAugust 2019 Vacancy Rate
Sydney19,5072.8%24,8693.5%24,4653.4%
Melbourne9,1911.6%11,6742.0%11,8302.0%
Brisbane9,2742.8%8,1542.4%8,2832.5%
Perth7,6143.7%6,3033.0%6,0042.9%
Adelaide2,2001.2%2,0341.1%1,8571.0%
Canberra4160.7%7471.1%7811.2%
Darwin1,0843.5%9132.9%9262.9%
Hobart1350.5%1470.5%1700.6%
National70,447 2.1%76,346 2.3%75,757 2.2%

Residential property rental vacancy rates remained largely steady for the month of August with perhaps the exception of Perth which continues to record a recovering rental market.

While Sydney did record a slight decline our expectation is the Sydney rental market will still fall from here.

Rental vacancy rates will peak at 4% in Sydney by the end of this year.

Asking Rents

Over the month, Capital city asking rents declined 0.4% for houses but remained steady for units for the week ending 12 September 2019 to record asking rents of $544 per week for houses and $438 per week for units.

Workshop 2019

In comparison, over the 12 months, asking rents for houses declined 1.4% and a 0.5% decline for units.

Sydney recorded declines in asking rents over the month for both houses and units by 1.3% and 0.2% respectively.

Melbourne also saw declines in both houses and units over the month, dropping 0.2% for houses and 0.7% for units.

Hobart’s unit rental market increased 4.8% over the month but houses declined 0.5%.

Brisbane continues to be the only capital city to record increases in weekly rents over the month for both houses and units at 0.6% for houses and 0.9% for units.

SQM Research Weekly Rents Index
Week ending: 12 September 2019RentChange on
prev week
Rolling month
% change
12 month
% change
SydneyAll Houses676.1-0.1-1.3%-4.5%
All Units497.90.1-0.2%-3.3%
MelbourneAll Houses524.7-1.7-0.2%-0.4%
All Units418.4-1.4-0.7%2.2%
BrisbaneAll Houses466.2-0.20.6%3.5%
All Units378.01.00.9%1.9%
PerthAll Houses440.43.61.1%4.1%
All Units337.7-0.7-0.2%5.1%
AdelaideAll Houses399.4-0.40.2%3.7%
All Units312.1-0.1-0.1%4.7%
CanberraAll Houses603.2-1.2-1.2%-5.2%
All Units459.40.60.1%4.6%
DarwinAll Houses513.11.9-0.1%-0.4%
All Units380.34.71.6%-6.4%
HobartAll Houses442.91.1-0.5%7.6%
All Units412.38.74.8%10.3%
NationalAll Houses442.02.00.5%0.7%
All Units366.0-1.0-0.5%1.7%
Cap City AverageAll Houses544.00.0-0.4%-1.4%
All Units438.0-1.00.0%-0.5%

Source: www.sqmresearch.com.au

Workshop 2019
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Louis Christopher

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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