Figures released by SQM Research showed that the level of residential vacancies plateaued during the month of May, remaining at a vacancy rate of 1.8% and coming to a national total of 50,408 vacancies.
This figure represents a mere difference of 440 vacancies month-on-month.
Year-on-year however, vacancies have risen by 7,270 with the national vacancy rate increasing by 0.2% since May 2011.
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Many of the capital cities stagnated during May, with Brisbane, Darwin and Hobart being the only cities to record a monthly change – dipping slightly (by 0.1%).
No vacancy rates increased for any of the capital cities month-on-month.
Darwin is now showing obvious signs of an extremely tight rental market, dropping again to 0.4% during May, coming to a total of only 100 vacancies.
Melbourne however, continues to sit on the opposite side of the spectrum, once again recording the highest vacancy rate of the capital cities at 3.1% and also the highest level of residential vacancies, coming to a total of 11,427.
Louis Christopher, Managing Director of SQM Research says “For many months now, vacancies across most of the country have remained very low, ensuring that competition is fierce between prospective tenants, particularly at the affordable end of the market. As we have continually stated, we see no relief on that front, other than in Melbourne where there is still many more dwellings coming onto the market this year.”
SQM Research’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties. SQM considers this to be a superior methodology compared to using a potentially incomplete sample of agency surveys or merely relying on raw online listings advertised.
If you want to understand the methodology on how SQM’s vacancies are compiled please click on this page: Methodology
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