Figures released this week by SQM Research reveal that the level of residential vacancies remained largely the same during the month of October2012, with a mere 560 drop in vacancies nation- wide. Recording a national vacancy rate of 1.8% – a figure unchanged since the month preceding (September 2012) the country continues to experience tight vacancies in many localities.
Year-on-year, vacancies have appeared to remain stable with a slight ease of 0.1% recorded when comparing October 2012 to the corresponding period of the previous year (October 2011).Brisbane and Darwin were the only two capital cities to record monthly increases; Brisbane rising by 0.1% to 1.6% and Darwin rising by 0.2% to 0.7% during October 2012.
This good news for Darwin which has been recording alarmingly low vacancy rates for some time now. Although 0.7% is still considered to be excessively tight, it is the first time in eight months that Darwin has recorded a vacancy rate above 0.6% and would potentially be providing some relief for renters in this capital city.
Louis Christopher, Managing Director of SQM Research says “Overall our national vacancy rates series continues to record a tight market, particularly with regard to Perth and Darwin which are not showing any signs of been hurt by current concerns about the resources cycle. I see Melbourne has had more vacancies added to the stockpile and we think that vacancies are not likely to peak in that city until later 2013 when we estimate the top in the dwelling completions cycle passes through.”
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.
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