Figures released by SQM Research reveal that the level of residential property rental vacancies remained largely the same during the month of August, at a vacancy rate of 2.2% and coming to a total of 61,077 vacancies nationwide.
However, when comparing the national result year on year, it is evident that vacancies are beginning to list gradually, with a 0.3% national yearly increase recorded for August.
- Nationally, vacancies remained steady at 2.2% during August 2013, coming to a total of 61,077 nationally.
- Melbourne has recorded the highest vacancy rate of the capital cities, revealing a vacancy rate of 2.7% and a total of 11,603.
- Darwin has recorded the tightest vacancy rate of the capital cities, revealing a vacancy rate of 0.8% and a total of 231 vacancies.
- Perth has recorded the highest yearly increase in vacancies, climbing 1.0% to 1.6% respectively since the corresponding period of the previous year (August 2012) and coming to a total of 3,065 vacancies.
- Hobart was the capital city to record the largest yearly decrease in vacancies, falling by 0.8% to 1.9% since the corresponding period of the previous year (August 2012) and coming to a total of 540 vacancies.
- Canberra was the only capital city to record a monthly increase in vacancies, rising by 0.2% during August 2013.
- Hobart recorded the largest monthly decline of the capital cities, falling by 0.3% during August 2013.
On a capital city level, perhaps the most interesting result is Perth’s colossal yearly increase in vacancies – falling by 1.0% since August 2012. SQM Research suspects this can be attributed to the downturn in the commodities boom occurring presently, with less employees seeking temporary residence this part of the country.
[sam id=34 codes=’true’]Canberra has recorded the only notable increase, rising 0.2% during August 2013 and Hobart the only substantial decrease, falling by 0.3% over the same period.
Although SQM Research has observed a rapid pick up in the housing sales market of late, much of this recovery has so far been investor driven and therefore has not resulted in a mass exodus of renters to become first home buyers/occupiers.
However, SQM Research expects that as the housing recovery continues, more first home buyers will enter the market. And in any case, supply of new stock will increase as property developers meet buyer demand; whether they are First Home Buyers or investors. So in time, we are expecting vacancy rates to continue rise from here. “
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