If you’re involved in property investment you’ll be interested in the figures released this week by SQM Research which reveal that the level of residential vacancies rose during the month of November, increasing by 0.1% on a national level and coming to a total of 54,067.
This is the first time in several months that we have seen a rise in vacancies, coming out of an extended period of modest declines and stagnation during October.
Year on Year, SQM Research has also recorded a modest rise in vacancies – 0.1% nationally, when compared to the corresponding period of the previous year (November 2011).
Melbourne has been pushed up beyond 3% during the month of November, with 3% being the figure that SQM Research believes to be the equilibrium when referring to residential vacancy rates. Recording a vacancy rate of 3.2%, this capital city has experienced a marked monthly increase of 0.4%, coming to a total of 13,411.
Darwin has also experienced a substantial monthly increase in vacancies, climbing 0.4% during the month of November and coming to a total of 1.1%. Although these increases may be perceived as largely seasonal, this could spell some relief for Darwin, which has been recording a vacancy rate of under 1% for quite some time now.
Louis Christopher, Managing Director of SQM Research says, “The rise in vacancy rates this month is the result of a seasonal effect which occurs normally at this time of year. We expect December to also record a rise as well, due to seasonality.”
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.