The level of residential vacancies fell very slightly once again during the month of September, remaining 1.8% on a national level but sliding by just over 1,000 vacancies to come to a total of 48,664 vacancies.
Year-on-year, vacancies also appear to have remained stable, with the national vacancy rate remaining unchanged when compared to the corresponding period of the previous year (September 2011).
None of the capital cities recorded monthly increases during September, with the majority either stagnating or recording modest declines.
Hobart recorded the largest monthly decrease of the capital cities, falling by 0.4% to 2.3% – a total of 632 vacancies.
Both Darwin and Perth continue to record alarmingly low vacancy rates, 0.5% and 0.6% respectively. Melbourne maintains its position on the other end of the spectrum, revealing a vacancy rate of 2.8% – the capital city closest to what SQM Research considers to be equilibrium where residential vacancies are concerned (3%).
Managing Director of SQM Research, Louis Christopher says “Residential rental vacancy rates remain in favour of landlords as has been the case for a number of years now. Going forward I see no material change to this current trend until there is a material increasing in housing completion levels. Currently there is evidence that such an event is about to occur.”
SQM’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.
Please go to our methodology page for more information on how SQM’s vacancies are compiled.
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