Vacancy Rates Increase Marginally in Most Cities in November

Data released by SQM Research this week has revealed the national residential vacancy rate was 2.2% in November 2017, with the number of vacancies Australia-wide increasing to 70,795 – a slight increase on the month of October. National Residential Vacancy Rate

Hobart’s vacancy rate continues to remain at a record low of 0.3%.

Adelaide and Brisbane’s vacancy rates also remain unchanged from October at 1.4% and 3.4% respectively.

Canberra’s vacancy rate has increased marginally to 1.0% from 0.8% in October.

In the bigger cities, vacancies increased markedly in Sydney to 14,362 in November, up from 12,435 in October, giving a vacancy rate of 2.1%, up from 1.8% the previous month.

Melbourne recorded marginal increases with the vacancy rate now at 1.8% with 9,872 rental properties available.

Rates Chart01

Key Points:

  • Nationally, vacancies rose marginally in November to 70,795, recording a vacancy rate of 2.2%, up from 2.1% in October.
  • Hobart continues to record the lowest vacancy rate of 0.3%, a record low and down from 0.6% a year earlier.
  • Perth recorded the highest vacancy rate of the capital cities at 4.5% in November, down from 5.2% a year ago.
  • Adelaide and Brisbane’s vacancy rate remain unchanged at 1.4% and 3.4% respectively.

Darwin’s vacancy rose from 2.6% to 2.8% over the month. 

investor-enquiry-form

Even in Perth, vacancies rose to 4.5% from 4.4% in October, and remains the highest of any capital city.

The small rises in vacancies are expected in November and December due to seasonality, and offer some relief to home seekers although those in Hobart and Canberra faced ongoing tight rental conditions and higher rents.

Sydney has recorded a larger rise.

Rising from 1.8% to 2.2% is material.

Rises occurred across all regions in Sydney however, some of the larger month on month vacancy rises came from the Northern Beaches, Parramatta the Upper North Shore and especially the Hills District where vacancy rates rose sharply to 3.7%.

Asking Rents

Capital City asking rents over the month to 12 December rose 0.4% to $550 a week for houses.

Unit asking rents fell 0.5% to $437 a week.

The highest increase for houses was recorded in Canberra at 1.9% over the month, while asking rents for units jumped the most in Darwin by 2.8%. rent property

Hobart’s asking rents for Units had the largest drop at 3.6% in the month, followed by Sydney’s unit prices dropping by 0.7%.

For houses, Canberra recorded the largest increase at 1.9% over the month.

Sydney continues to record the highest asking rent in the nation for a three-bedroom house at $728 a week and also for units at $519.20.

Canberra follows at $606 a week for houses and $433.80 for units.

Asking rents for houses rose in Melbourne, up 1.0% over the month to $515.10 while unit asking rents also rose 0.7% over the month to $395.80 a week.

Vacancy Rates

Source: www.sqmresearch.com.au

 

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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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