Hobart has recorded the lowest vacancy rate nationwide: SQM Research
Hobart has recorded the lowest vacancy rate for any city in August.
According to SQM Research, Hobart's vacancy rate was 0.4 percent in August, down from 0.5 percent in July.
Louis Christopher, SQM managing director said it is the lowest since SQM Research commenced measuring the rental market in 2005.
"Darwin recorded the sharpest decline for the month with vacancy rates falling to 2.5 percent (from 2.9 percent July)," he said.
"Darwin has now recorded falling vacancy rates for seven straight months in a row, which suggests the downturn in the Darwin rental market is over.
"Sydney recorded a vacancy rate of 2.0 percent which was largely steady from July.
"There had been a rise in vacancies in Sydney over the winter months, however, SQM expects this seasonal increase in vacancies to unwind during spring.
"Brisbane had a vacancy rate of 3.1 percent for August, down from 3.3% recorded in July.
"Perth continues to have the highest vacancy rate of all capital cities at 4.6 percent, but that result too was down for the month (4.9 percent July)."
"The vacancy rate remained very tight at 0.4 percent in Hobart, down from 0.5 percent a month earlier, while in Sydney and Melbourne vacancies remain steady at 2.0 percent and 1.7 percent, respectively.
"All other cities recorded falls in vacancies for the month."
"Overall the current rental market is a moderate landlord’s market.
"There is nothing in our numbers to suggest the market is about to be hit with oversupply.
"Dwelling completions should peak in early 2018 and given the pronounced year on year declines in building approvals, we believe rents will likely rise at a faster pace 2018 than what has been recorded in 2017, thus far.
"We now have mounting concerns for significant rental shortages in 2019 in Sydney and Melbourne."