Figures released by SQM Research this week have revealed the number of residential vacancies remained tight across the nation in September 2015, with a vacancy rate of 2.3% posted based on 70,037 vacancies.
Vacancies remained the same in most capital cities, excluding Melbourne, Canberra, Darwin and Hobart, where vacancies dropped over the month of September.
- Nationally, vacancies remained tight during September 2015, recording a vacancy rate of 2.3%, based on 70,037 vacancies nationally.
- During September vacancies remained the same in Adelaide, Perth, Brisbane, and Sydney compared to August 2015.
- Darwin has posted the biggest yearly rise in its vacancy rate from 1.8% to 3.3%.
- Hobart has recorded the biggest yearly fall in its vacancy rate from 1.4% to 1.0%.
- Vacancy rates have remained unchanged for Sydney over the last 12 months.
- Asking rents in Hobart are skyrocketing with asking rents up 17.6 % for units and 5.1% for houses.
- Year-on-year, median asking rents are down for Darwin and Perth.
Darwin and Canberra recorded the biggest monthly fall with vacancy rates down 0.2 percentage points from August 2015.
Hobart and Melbourne soon followed with vacancies falling 0.1% over the month of September.
Over the year, vacancy rates in Hobart have continued to fall with a significant 0.4% drop from this time last year.
Vacancy rates in Melbourne have also fallen 0.3% over the last 12 months, bringing the total number of vacancies down to 272 in September 2015.
Both falls reflect the tightening of both residential markets post downturns.
Notably, asking rents for Darwin and Perth remain well down on levels recorded this time last year.
Asking rents for Darwin are down 18.8% for houses and 15.1% for units over the past 12 months.
Similarly, asking rents in Perth are down 7.5% for houses and 7.2% for units.
In contrast, Hobart has recorded a rise of 17.6% for units and 5.1% for houses.
Asking rents in Sydney, Melbourne, and to a lesser extent Brisbane have also recorded modest rises for the same period.
It was a steady result for residential property vacancy rates in September after the rise recorded in August.
Hobart appears to be entering into a very tight rental market with a vacancy rate now down to 1%.
Asking rents have also been accelerating there.
On the other hand, the cities of Perth and Darwin still look very weak.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.