The level of residential property rental vacancies increased during the month of May again according to our latest data at SQM Research. rising by 0.1% to 2.1% and coming to a total of 59,670 nationwide.
Here are the key points this month:
- Nationally, vacancies rose by 0.1% to 2.1% during May 2013, coming to a total of 59,670 nationally.
- Melbourne has recorded the highest vacancy rate of the capital cities, revealing a vacancy rate of 2.7% and a total of 11,806.
- Darwin has recorded the tightest vacancy rate of the capital cities, revealing a vacancy rate of 1.0% and a total of 237 vacancies.
- Canberra has recorded the highest yearly increase in vacancies. Climbing 0.8% to 1.5% since the corresponding period of the previous year (May 2012) and coming to a total of 798 vacancies.
- Hobart was the only capital city to record a yearly decrease in vacancies, falling by 0.1% to 2.7% since the corresponding period of the previous year (May 2012) and coming to a total of 739.
- Hobart has however, recorded the highest monthly increase in vacancies, rising by 0.2% during May 2013.
- Darwin was the only capital city to record a monthly decrease, falling by 0.1% to 1.0% during May 2013.
The majority of capital cities either experienced modest rises, or remained the same during May, with Darwin being the only city to experience a decline – falling from 1.1% to 1.0% month on month.
This result reflects a rental market that is continuing to loosen, albeit gradually.
However, SQM Research stands by our original prediction that until there is a mass exodus of renters prompted by absorption of stock from the sales side of the property market, we will not see massive increases in vacancy rates.
“The rental market is starting to provide some choices for tenants, Vacancies have increased four straight months now. This is also showing up on our weekly rentals index where cities such as Canberra and Perth have recorded falling rents in recent months.”
Tightest vacancies and highest vacancies
Below SQM Research has listed the top ten postcodes with the tightest vacancy rates, as well as the top ten postcodes with the highest vacancy rates around the country as of May 2013 –
Source: SQM Research
Source: SQM Research