National Vacancy Rates Marginally Down

The national residential vacancy rate fell further to a low of 2.1% in March 2019, with the total number of vacancies Australia-wide now at 70,877.

Canberra is the only capital city to increase its vacancy rate from 0.8% in February to 0.9% in March 2019, reporting only 575 properties available for rent. Buy Home In Australia

Sydney, Melbourne, Brisbane, Perth and Adelaide all experienced a 0.1% decrease in vacancy rates.

Darwin and Hobart have remained steady at 3.7% and 0.4% respectively.

Hobart continues to record the lowest vacancy rate in the country since September 2014.

Darwin’s vacancy rate is now 3.7% as the city continues to rank the highest of all capital cities since it overtook Perth in September 2018.

Sydney currently has the second highest vacancy rate at 3.1%.

City Mar-2018 Vacancies Mar-2018 Vacancy Rate Feb-2019 Vacancies Feb-2019 Vacancy Rate Mar-2019 Vacancies Mar-2019 Vacancy Rate
Sydney 15,833 2.3% 22,396 3.2% 21,942 3.1%
Melbourne 7,479 1.4% 9,818 1.7% 9,210 1.6%
Brisbane 10,246 3.2% 8,611 2.6% 8,232 2.5%
Perth 8,221 4.1% 6,170 3.0% 6,085 2.9%
Adelaide 2,519 1.4% 2,197 1.2% 2,024 1.1%
Canberra 392 0.6% 502 0.8% 575 0.9%
Darwin 1,073 3.6% 1,161 3.7% 1,153 3.7%
Hobart 191 0.6% 133 0.4% 131 0.4%
National 68,964 2.1% 72,333 2.2% 70,877 2.1%

Key Points

  • National vacancy rate in March declined marginally to 1% from 2.2% in March 2019.
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  • Sydney, Melbourne, Brisbane, Perth and Adelaide all experienced a marginal 1% decrease in vacancy rates.
  • Darwin and Hobart have remained steady at 7% and 0.4% respectively.
  • Canberra is the only capital city to increase its vacancy rate from 0.8% in February to 9% in March 2019.
  • Darwin continues to have the highest vacancy rate at 7%, followed by Sydney at 3.1%.
  • Capital city asking rents for units increased 2% over March rising to $442 per week, but rents for houses declined 0.7% to $556 per week.

Although there have been some marginal decreases in vacancies in most states over the month, Perth was the only city to record increases in asking rents for both houses and units.

Hobart’s near double digit growth in  asking rents for units reflects the ongoing strong demand in a city where rental supply has been pushed to its limits and experiencing shortages in accommodation.

For the major east coast capital cities, although the latest results show a tightening of vacancies and steady rents over the month and the near term, the expected influx of new construction completions and the uncertainty around the Federal election are likely to contribute to increased vacancies and downward pressure on rents.

Asking Rents

Capital city asking rents increased 0.2% for units, but declined 0.7% for houses over March to record asking rents of $556 per week for houses and $442 per week for units.

In comparison, over the 12 months, asking rents for units declined by 0.2% and rents for houses declined by 1.2%. Property Rent

Hobart’s weekly asking rents for units surged ahead with a 9.9% increase over the month and 12.3% over the 12 months.

House weekly rents however, have decreased 2.2% over the month but improved 4.9% over the year.

Sydney has managed a steady asking rent for units but house rents have marginally declined by 0.8% over the month.

Perth’s rental market increased for both houses and units at 1.2% and 0.9% respectively.

In contrast, Adelaide has recorded rental decreases for houses and units at 0.5% for both.

SQM Research Weekly Rents Index
Week ending: 12 Apr 2019 Rent Change on
previous wk
Rolling month
% change
12 month
% change
Sydney All Houses 701.6 -3.6 -0.8% -4.9%
All Units 507.5 -0.5 0.0% -3.1%
Melbourne All Houses 543.6 0.4 -0.2% 1.2%
All Units 422.4 0.6 0.5% 3.9%
Brisbane All Houses 456.8 0.2 -0.1% 2.0%
All Units 371.4 0.6 0.1% 1.4%
Perth All Houses 445.9 -0.9 1.2% 5.2%
All Units 336.1 -0.1 0.9% 3.1%
Adelaide All Houses 392.9 -1.9 -0.5% 2.4%
All Units 301.0 -2.0 -0.5% 1.2%
Canberra All Houses 635.6 1.4 -1.4% 3.0%
All Units 456.6 0.4 0.3% 3.9%
Darwin All Houses 490.9 -10.9 0.1% -12.3%
All Units 377.8 -0.8 -0.1% -6.4%
Hobart All Houses 428.7 2.3 -2.0% 4.9%
All Units 400.3 -12.3 9.9% 12.3%
National All Houses 441.0 -1.0 -1.3% -0.7%
All Units 366.0 -1.0 1.7% 0.8%
Cap City Average All Houses 556.0 -3.0 -0.7% -1.2%
All Units 442.0 -1.0 0.2% -0.2%

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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