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Tighter rental markets more bad news for tenants

Capital city rental markets remain tough for tenants with generally tight and tightening vacancy rates reflecting overall chronic shortages of accommodation.

All capitals reported vacancy rates for houses below 2.0 per cent over April with the exception of the mining capitals of Brisbane, Darwin and Perth. property australia

The Darwin and Perth rental markets are however now clearly stabilising following the recent sharp increase in vacancy rates following the end of the mining boom.

Unit vacancy rates have fallen sharply in Melbourne over recent months and at 1.5 per cent are well below the 2.4 per cent recorded over April last year.

Melbourne, Canberra and Hobart remain the tightest rental markets with overall vacancy rates of 1.3 per cent, 1.2 per cent and 0.7 per cent respectively.

vrapril17

Higher rents will likely follow tight and tightening rental vacancy rates in most capitals with the shortage of accommodation likely to continue, driven by surging migration, low first home buyer activity, empty apartments and Airbnb.

Actions by policy makers to restrict residential investor activity will be more bad news for tenants if it results in fewer choices of available properties.

Metropole Property Home Buyers Enquiry


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About

Dr Andrew Wilson is Australia’s leading housing market expert. As senior economist for Fairfax-owned Domain Group, Dr Wilson is one of the nation’s most respected real estate analysts and Australia’s highest profile housing market commentator. Visit his blog at Domain


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