National vacancy rate tight for May: SQM
Property ObserverDecember 7, 2020
National vacancy rates for May remain unchanged year on year, staying tight throughout the month with a 2.4 percent vacancy rate, according to SQM Research.
SQM managing director Louis Christopher said Darwin recorded the largest monthly fall, with vacancies decreasing by 0.5 percentage points during the month.
"Canberra also experienced moderate monthly falls with vacancy rates down 0.3 percentage points. Vacancies fell 0.1 percent in Melbourne, Brisbane, Sydney and Hobart during May 2016," he said.
"National Rents were slightly weaker this month with a 12 month average change that is mirroring the CPI index. Going forward we do not expect any resurgence in rents for the foreseeable future, barring some cities such as Hobart, which we do expect higher rental growth rates due to a falling trend in vacancies.
"Darwin has recorded ongoing falls in asking rents of 10.4 percent for houses and 12.2 percent for units over the past 12 months. Yearly falls have also been recorded in Perth, with asking rents down 9.6 percent for houses and a considerable 10.0 percent for units.
"Hobart continues to record the most affordable rental accommodation with rents for houses at just $347 a week, and units averaging $277 a week."
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