The Real Estate Institute of Australia’s latest Market Facts report gives us an update of what’s happening with vacancy rates around Australia.
The news is good for property invetsors and the generally low rates suggest rents are going to rise over the next year.
According to the REIA, vacancy rates above 3% generally reflect an oversupply of rental accommodation while those under 3% indicate strong demand for rental accommodation.
Sydney maintains its position as the tightest rental market, and vacancies have fallen a further 0.3% to just 1.1%
Adelaide’s vacancy rate is 1.4%; Canberra 1.5%, Melbourne 1.7% andBrisbane has had a significant drop in its vacancy rate to 1.8%
Hobart’s vacancy arte is 2.5%, Perth 3.2% and Darwin has plenty of rental stock and its vacancy rate has increased to 4.6%. This represents about double what the vacancy rate was at the start of the year.
Other than Darwin, property investors are in for a good year and can expect their rental income to rise significantly.