Melbourne spikes, but residential vacancy rates decrease over August: SQM Research

Melbourne spikes, but residential vacancy rates decrease over August: SQM Research
Melbourne spikes, but residential vacancy rates decrease over August: SQM Research

The national residential rental vacancy rate dropped over August, according to figures released by SQM Research. 

It dropped from 2.1 per cent to two per cent, with the total number of vacancies across the country dropping to 69,971.

But the locked-down Melbourne's rates have continued to soar, with its CBD recording its highest ever vacancy rate of 10 per cent, up from 8.8 per cent in July.

City-wide, the vacancy rate rose from 3.1 per cent to 3.4 per cent.

It was better news for property owners in other capital city CBD's.

Sydney's CBD vacancy rates are now 12.9 per cent, down from its record high of 16.2 per cent in May.

The Brisbane CBD also saw its vacancy rate scale back, to 11.4 per cent. Its high came in June when there were 14 per cent of residential properties vacant.

Adelaide's CBD vacancy rate also jumped, to 8.4 per cent from 7.6 per cent. Perth CBD remained stable at 5.5 per cent.

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 Melbourne spikes, but residential vacancy rates decrease over August: SQM Research

Sydney still has the highest vacancy rate in the country. Despite scaling back 0.1 per cent in July, the vacancy rate still sits at 3.5 per cent.

Hobart’s vacancy rate is the lowest in the nation at 0.7%, with Canberra and Adelaide also recording low vacancy rates of 0.8% and 0.9% respectively.  

The regional market continues to be sought-after as city dwellers seek a life outside of CBD's.

Most regional locations recorded falls in rental vacancy rates, with Sydney’s Blue Mountains falling to a record low rental vacancy rate of just 0.7%, along with Victoria’s Mornington Peninsula. 

Queensland’s Ipswich fell to just 0.9%. 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Sqm Research Vacancy Rates

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