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.
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|
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.
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|
|Cap City Average||All Houses||544.0||0.0||-0.4%||-1.4%|
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