Hobart's vacancy rates remain at record low as national rate increases: SQM

The national residential vacancy rate was 2.2 percent in November, with the number of vacancies Australia-wide increasing to 70,795 – a slight increase on the month of October, according to SQM Research.

Hobart's vacancy rate continues to remain at a record low of 0.3%. Adelaide and Brisbane’s vacancy rates also remain unchanged from October at 1.4% and 3.4% respectively.

Canberra’s vacancy rate has increased marginally to 1.0% from 0.8% in October.

In the bigger cities, vacancies increased markedly in Sydney to 14,362 in November, up from 12,435 in October, giving a vacancy rate of 2.1%, up from 1.8% the previous month. Melbourne recorded marginal increases with the vacancy rate now at 1.8% with 9,872 rental properties available.

Even in Perth, vacancies rose to 4.5% from 4.4% in October, and remains the highest of any capital city. Darwin’s vacancy rose from 2.6% to 2.8% over the month.

Louis Christopher, managing director of SQM Research, said the small rises in vacancies are expected in November and December due to seasonality, and offer some relief to home seekers although those in Hobart and Canberra faced ongoing tight rental conditions and higher rents.

“Sydney has recorded a larger rise. Rising from 1.8% to 2.2% is material. Rises occurred across all regions in Sydney however, some of the larger month on month vacancy rises came from the Northern Beaches, Parramatta the Upper North Shore and especially the Hills District where vacancy rates rose sharply to 3.7%.”