Residential vacancies at 1.8% nationally in May with Melbourne's landlords facing biggest challenge at 3.1%: SQM
The national residential vacancy rate remained unchanged at a tight 1.8% in May, with Melbourne having the highest number vacancies and the highest vacancy rate, according to SQM Research.
There are currently 50,408 residential vacancies nationally, representing a fall of 440 vacancies month-on-month.
Year-on-year however, vacancies have risen by 7,270, with the national vacancy rate increasing by 0.2% since May 2011.
None of the eight capital cities recorded an increase in the vacancy rate over the month, with vacancies tightening by 0.1% in Brisbane, Canberra and Darwin in May.
Melbourne has the highest vacancy rate by far at 3.1%, while Darwin is the tightest market with just 100 vacancies, or a vacancy rate of 0.4%.
The Real Estate Institute of Australia (REIA) says a vacancy rate of 3% or higher is “generally considered to reflect an oversupply of rental accommodation” while anything under 3% indicates a “strong demand for rental accommodation”.
Here’s a guide to residential vacancies in the eight capital cities starting with Melbourne:
The number of residential vacancies in Melbourne, reflecting a May vacancy rate of 3.1%. A year ago the vacancy rate was 2.4%, with 8,578 properties available for rent.
The number of residential vacancies in Sydney, reflecting a May vacancy rate of 1.7%. A year ago the vacancy rate was 1.3%, with 7,034 properties available for rent.
The number of residential vacancies in Brisbane, reflecting a May vacancy rate of 1.4%. A year ago the vacancy rate was 1.6%, with 4,584 properties available for rent.
The number of residential vacancies in Adelaide, reflecting a May vacancy rate of 1.6%. A year ago the vacancy rate was 1.3%, with 2,041 properties available for rent.
The number of residential vacancies in Perth, reflecting a May vacancy rate of 0.6%. A year ago the vacancy rate was 1%, with 1,770 properties available for rent
The number of residential vacancies in Hobart, reflecting a May vacancy rate of 2.6%. A year ago the vacancy rate was 1.7%, with 467 properties available for rent.
The number of residential vacancies in Canberra, reflecting a May vacancy rate of 0.9%. A year ago the vacancy rate was 0.6%, with 272 properties available for rent.
The number of residential vacancies in Darwin, reflecting a May vacancy rate of 0.4%. A year ago the vacancy rate was 1.3%, with 317 properties available for rent.
