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Vacancy Rates Rise in June

Data released by SQM Research has revealed the number of national residential vacancies was 78,314 rental homes in June 2017, giving a national vacancy rate of 2.4%, up from 2.2% in May, led by a jump in Sydney vacancies. Love

Vacancies rose in Sydney to 13,215 in June, up from 11,153 in May, giving a vacancy rate of 2.1%.

That compares to 1.8% the previous month.

In Melbourne, the vacancy rate rose to 1.7%, easing off a 7-year low level of 1.5%, helping to alleviate the shortage of rental properties in that city.

Vacancy Rates

Key Points

  • Nationally, vacancies rose in June to 78,314, recording a vacancy rate of 2.4%, up from 2.2% in May.
  • Perth recorded the highest vacancy rate of the capital cities at 5.0% in June, steady from a year ago.
  • Hobart recorded the lowest vacancy rate of 0.7%, up from 0.6% in May, but down from 0.9% a year earlier.
  • Canberra’s vacancy rate edged higher to 1.2%, up from 1.0% in May, but steady from a year earlier.

The vacancy rate edged higher to 0.7% in Hobart, up from 0.6%. 

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In Canberra, the vacancy rate rose to 1.2%, up from 1.0% in May.

Elsewhere, the vacancy rose in Perth to 5.0% from 4.8% and in Adelaide to 1.9% from 1.8%.

the vacancy numbers would give some relief to home seekers, though rental markets remain tight in several cities.

This year has been marked by some big falls in vacancies rates in the big cities, but in June we saw more rental stock listed, which should give some relief to renters.

In Sydney, where there was a big jump in June vacancies, there has been some downward pressure on asking rents for houses and units, and also in Canberra, where vacancy rates eased.

Asking Rents

Annually, asking rents for houses moderated slightly in Sydney to 2.6% and rents were down by 1.2% over the month to July 12.

The asking rent for a three-bedroom house in Sydney is now $725 while for units it stands at $522.   rent property

Asking rents for units were down 0.2% over the month to July 12, but were up 3.3% over the year

Annually, asking rents for houses in Melbourne rose 5.9% and rose 0.2% over the month to July 12.

Unit asking rents rose 1.0% over the month to July 12 and 5.8% over the year.

The asking rent for a three-bedroom house in Melbourne now sits at $511 and for units it sits at $401.

In Perth and Darwin, asking rents are still falling due to the mining downturn.

Vacancy Rates2

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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