Melbourne takes largest monthly residential vacancy fall in February: SQM Research

Melbourne takes largest monthly residential vacancy fall in February: SQM Research
Melbourne takes largest monthly residential vacancy fall in February: SQM Research

Melbourne recorded the largest monthly residential vacancy fall nationwide over February, down 0.5 percentage points with a vacancy rate of 2.3 percent, according to SQM Research.

Canberra, Sydney and Darwin fell 0.2 percentage points over February. 

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Melbourne takes largest monthly residential vacancy fall in February: SQM Research

SQM Research managing director Louis Christopher said overall there was a noticeable fall in vacancies for the month driven by Melbourne and Sydney.

"However, year on year vacancies are still edging up for the country and we think this will still be the trend going forward," he said.

"The cities and townships most exposed to the commodities downturn are causing this yearly rise. On the flip side Melbourne, Hobart and Canberra are all recording downward trends in vacancies now and this is resulting in upward pressure in rents for these three cities.

"Perth has recorded ongoing falls in asking rents of 10.5% for houses and 9.1% for units over the past 12 months. Yearly falls have also been recorded in Darwin, with asking rents down 10.3% for houses and a considerable 11.2% for units.

"Hobart continues to record the most affordable rental accommodation with rents for houses at just $337 a week, while units on average rent for $286 a week."

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Melbourne takes largest monthly residential vacancy fall in February: SQM Research

Tags: 
Vacancy Rates Rental market

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