National Vacancy Rates Remain Steady

Data released by SQM Research has revealed the national residential rental vacancy rate remained steady in October 2019 at 2.1% from September.

The total number of vacancies Australia-wide is now at 69,951 vacant residential properties.  Sydney Property Market

October 2018’s vacancy rate was 2.0% with 67,337 vacant dwellings.

Sydney, Adelaide and Hobart recorded minor decreases in vacancy rates over the month of 0.1%.

Both Brisbane and Canberra increased by 0.1%, with Melbourne remaining steady at 2.0%.

Hobart continues to have the lowest vacancy rate in the country at 0.5% although Adelaide is not far behind with a low 0.8% vacancy rate.

Sydney and Darwin recorded the highest vacancy rate both at 3.1%.

City October 2018 Vacancies October 2018 Vacancy Rate September 2019 Vacancies September 2019 Vacancy Rate October 2019 Vacancies October 2019 Vacancy Rate
Sydney 19,454 2.8% 22,762 3.2% 22,387 3.1%
Melbourne 9,320 1.6% 11,599 2.0% 11,882 2.0%
Brisbane 9,024 2.7% 7,880 2.3% 7,950 2.3%
Perth 6,700 3.3% 5,588 2.7% 4,970 2.4%
Adelaide 2,057 1.1% 1,644 0.9% 1,548 0.8%
Canberra 387 0.6% 668 1.0% 647 1.0%
Darwin 1,170 3.8% 916 2.9% 968 3.1%
Hobart 78 0.3% 174 0.6% 151 0.5%
National 67,337 2.0% 71,404 2.1% 69,951 2.1%

Key Points

  • The national residential rental vacancy rate remained steady in October 2019 at 1% from September.
  • Sydney, Adelaide and Hobart recorded minor decreases in vacancy rates over the month of 1%.
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  • Brisbane and Canberra both increased by 1%, with Melbourne remaining steady at 2.0%.
  • Hobart continues to have the lowest vacancy rate in the country at 5% although Adelaide is not far behind with a low 0.8% vacancy rate.
  • Sydney and Darwin recorded the highest vacancy rate both at 1%.
  • Over the month, Capital city asking rents increased 9% for houses but remained steady for units for the week ending 12 November 2019.
  • Adelaide, Canberra and Hobart recorded increase in asking rents for both houses and units.
  • Canberra’s house rents had the largest increase of 5% over the month. For units, Hobart recorded the highest increase of 3.9%.

SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties.

SQM considers this to be a superior methodology compared to using a potentially incomplete sample of agency surveys or merely relying on raw online listings advertised.

Residential property rental vacancy rates continue to remain largely steady for the month of October.

Adelaide continues to record a recovering rental market.

Asking Rents

Over the month, Capital city asking rents increased 0.9% for houses but remained steady for units for the week ending 12 November 2019 to record asking rents of $549 per week for houses and $435 per week for units.

In comparison, over the 12 months, asking rents declined 0.7% for both houses and units. For Rent

Sydney recorded increases in asking rents over the month of 1.5% for houses and 0.2% for units.

However, Sydney is still recording rent falls of over 4.0% year on year.

Adelaide, Canberra and Hobart also recorded increase in asking rents for both houses and units.

Canberra’s house rents had the largest increase of 4.5% over the month.

For units, Hobart recorded the highest increase of 3.9%.

Perth and Darwin, recorded decreases for both house and unit rents.

Whilst Melbourne and Brisbane’s house rents have increased 0.5% and 0.2% respectively, but unit rents have declined 0.6% for Melbourne and 0.7% for Brisbane.

SQM Research Weekly Rents Index
 Week ending: 12 Nov 2019 Rent Change on
prev week
Rolling month
% change
12 month
% change
Sydney All Houses 681.9 2.1 1.5% -4.2%
All Units 497.3 -0.3 0.2% -2.9%
Melbourne All Houses 529.8 0.2 0.5% 0.7%
All Units 408.4 0.6 -0.6% 0.6%
Brisbane All Houses 463.3 1.7 0.2% 2.2%
All Units 376.4 -0.4 -0.7% 1.2%
Perth All Houses 438.6 1.4 -1.0% 2.0%
All Units 333.5 -0.5 -0.9% 4.0%
Adelaide All Houses 397.7 -0.7 0.3% 2.6%
All Units 312.0 -0.0 0.8% 4.3%
Canberra All Houses 642.8 13.2 4.5% 0.7%
All Units 471.5 2.5 2.0% 4.9%
Darwin All Houses 502.4 -0.4 -3.2% 2.3%
All Units 377.0 1.0 -1.2% -3.7%
Hobart All Houses 436.0 1.0 0.1% 3.6%
All Units 419.2 17.8 3.9% 12.1%
National All Houses 447.0 -4.0 1.1% 1.1%
All Units 368.0 -1.0 1.4% 1.1%
Cap City Average All Houses 549.0 1.0 0.9% -0.7%
All Units 435.0 0.0 0.0% -0.7%

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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