Brisbane's house vacancy rates jump to second highest in the country

Brisbane's house vacancy rates jump to second highest in the country
Brisbane's house vacancy rates jump to second highest in the country

Brisbane houses have rose to the second highest vacancy rates in the country ahead of Darwin, a new report has shown.

Brisbane's house vacancies rose to 2.6 percent in September, while Darin tightened to 2.1 percent, Domain Group's rental report revealed.

Both are still some way off Perth's 4.2 percent vacancy rate. 

Source: Domain Group

Capital City  Houses September 2016 Houses September 2015
Perth 4.2% 3.2%
Brisbane 2.6% 2.5%
Darwin 2.1% 2.6%
Sydney 2.0% 1.8%
Adelaide 1.8% 1.7%
Melbourne 1.5% 1.6%
Canberra 0.8% 1.2%
Hobart 0.6% 1.0%

National Capital City

2.3% 2.1%

Domain Group chief economist Andrew Wilson said Brisbane is a “tenant’s market”.

“The upwards bias of vacancy rates is really favouring tenants,” Dr Wilson said. 

“When compared to other capital cities, it’s clearly become one of the best cities for renters in the country.”

“One positive is the number of jobs this has created.”

median rent prices remain flat at $400 per week, which Dr Wilson said was due to more first home buyers.

Median rental prices by capital city for houses: Source Domain Group

Capital City  Median House Rent September 2016 Median House Rent September 2015 
Darwin $550 $590
Sydney $530 $530
Canberra $475 $450
Brisbane $400 $400
Melbourne $400 $390
Perth $380 $420
Adelaide $350 $350
Hobart $330 $330

 

“Brisbane has seen higher numbers of first home buyers and that has really taken pressure off rental demand,” he said.

“Rents have been flat for some time now, and will likely continue into the foreseeable future. 

"But yields are high in Brisbane – in fact, highest of the mainland, which is attractive to investors.

"However, the issue is securing a tenant, and that’s the challenge.”

 
 
 
 
 
 
Tags: 
Vacancy Brisbane

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