The national residential vacancy rate declined to 2.2% in January 2019, from 2.5% in December 2018, with the total number of vacancies Australia-wide declining to 72,574 – 9,984 less properties are now available for rent since December 2018.
All capital cities, except Hobart experienced a decline in their vacancy rates in January with Darwin currently having the highest vacancy rate of all capital cities at 3.8%, down from 0.5% on December’s vacancy of 4.3%.
Although Hobart increased its vacancy rate marginally by 0.1%, it still remains the lowest of all capital cities at 0.5% for January 2019.
Sydney’s vacancy rate, although declining, is still currently the second highest of all capital cities at 3.2% with 22,426 properties available for rent.
|City||Jan-2018 Vacancies||Jan-2018 Vacancy Rate||Dec-2018 Vacancies||Dec-2018 Vacancy Rate||Jan-2019 Vacancies||Jan-2019 Vacancy Rate|
- Nationally, the vacancy rate declined to 2% in January, down from 2.5% in Dec-2018.
- Hobart was the only capital city to increase – up marginally by 0.1% but continues to record the lowest vacancy rate of 5%.
- Darwin continues to have the highest vacancy rate at 8%, followed by Sydney which declined to 3.2%.
- Capital city asking rents for Houses rose 7% over the month to 12 January 2019 to $559
- Capital city asking rents for Units also rose by 7% to $439 a week.
The decline in vacancies is expected in January as December usually has a higher seasonal listings.
It still appears to be a tenants’ market in Darwin and Sydney where vacancy rates are high at 3.8% and 3.2% respectively.
Going forward, we expect another seasonal decline in vacancies for the month of February.
However for the year our expectation is national vacancy rates will rise at the national level, driven by rises in Sydney.
The decline in vacancies saw asking rents for houses in capital city increase 0.2% over the month to 12 February 2019 to $560 a week.
Unit asking rents also increased 0.7% to $442 a week.
Over the year, asking rents for houses declined 0.4% while unit asking rents remained steady.
Hobart recorded the highest weekly rental increase of 4.8% for units but house weekly rents declined 0.6% declined.
12 months ago, Hobart’s house asking rent increased by 4.3%.
Sydney, Melbourne and Perth recorded marginal increases in both house and unit asking rents over the month to 12 February 2019.
Whilst Darwin, Brisbane and Adelaide recorded declines in weekly rents for both houses and units.
Canberra’s house rentals increased 1.6% but unit asking rents declined 1.7%.
|SQM Research Weekly Rents Index|
|Week ending: 12 Feb 2019||Rent||Change on
|Cap City Average||All Houses||560.0||1.0||0.2%||-0.4%|
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