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%.

City August 2018 Vacancies August 2018 Vacancy Rate July 2019 Vacancies July 2019 Vacancy Rate August 2019 Vacancies August 2019 Vacancy Rate
Sydney 19,507 2.8% 24,869 3.5% 24,465 3.4%
Melbourne 9,191 1.6% 11,674 2.0% 11,830 2.0%
Brisbane 9,274 2.8% 8,154 2.4% 8,283 2.5%
Perth 7,614 3.7% 6,303 3.0% 6,004 2.9%
Adelaide 2,200 1.2% 2,034 1.1% 1,857 1.0%
Canberra 416 0.7% 747 1.1% 781 1.2%
Darwin 1,084 3.5% 913 2.9% 926 2.9%
Hobart 135 0.5% 147 0.5% 170 0.6%
National 70,447 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.

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 2019 Rent Change on
prev week
Rolling month
% change
12 month
% change
Sydney All Houses 676.1 -0.1 -1.3% -4.5%
All Units 497.9 0.1 -0.2% -3.3%
Melbourne All Houses 524.7 -1.7 -0.2% -0.4%
All Units 418.4 -1.4 -0.7% 2.2%
Brisbane All Houses 466.2 -0.2 0.6% 3.5%
All Units 378.0 1.0 0.9% 1.9%
Perth All Houses 440.4 3.6 1.1% 4.1%
All Units 337.7 -0.7 -0.2% 5.1%
Adelaide All Houses 399.4 -0.4 0.2% 3.7%
All Units 312.1 -0.1 -0.1% 4.7%
Canberra All Houses 603.2 -1.2 -1.2% -5.2%
All Units 459.4 0.6 0.1% 4.6%
Darwin All Houses 513.1 1.9 -0.1% -0.4%
All Units 380.3 4.7 1.6% -6.4%
Hobart All Houses 442.9 1.1 -0.5% 7.6%
All Units 412.3 8.7 4.8% 10.3%
National All Houses 442.0 2.0 0.5% 0.7%
All Units 366.0 -1.0 -0.5% 1.7%
Cap City Average All Houses 544.0 0.0 -0.4% -1.4%
All Units 438.0 -1.0 0.0% -0.5%

Source: www.sqmresearch.com.au

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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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