Residential vacancy rate dips in October: SQM Research

Residential vacancy rate dips in October: SQM Research
Residential vacancy rate dips in October: SQM Research

SQM Research has calculated the national residential vacancy rate was 2.1% in October, with the number of vacancies Australia-wide falling to 67,781.

It was a slight drop on September.

Hobart's vacancy rate fell to a record low of 0.3%, the lowest since SQM started recording data in 2005. 

In Adelaide, the vacancy rate dropped to 1.4% from 1.6% in September and down from 2% a year earlier.

In Canberra, the vacancy rate dropped to 0.8% from 1.0% in September.

In the bigger cities, vacancies fell in Sydney to 12,435 in October, down from 13,114 in September, giving a vacancy rate of 1.9%, down from 2.1% the previous month.  In Melbourne, the vacancy rate fell to 1.8% with 9,390 rental properties available.

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Elsewhere, the vacancy dropped in Perth to 4.1% from 4.5% in October, but is still the highest of any capital city. 

Darwin’s vacancy rate fell from 2.7% to 2.5% over the month.

The vacancy numbers highlighted tighter rental markets in many capital cities.

"We’ve seen big falls in Perth and Adelaide and even Brisbane appears to be recording a slight trend downwards right now," SQM's Louis Christopher said.

"However, we expect vacancies to rise in November and December due to seasonality such as students finishing up their semester and heading home, which may take some pressure off rents."

In Hobart, the shortage of rental accommodation is the most severe, with just 75 properties available for rent in October, prompting a record low vacancy rate of 0.3% and higher asking rents, especially for units which were up 7.9% over the month to 12 November.

Capital city asking rents over the month to 12 November fell 0.4% to $548 a week for houses. Unit asking rents rose 0.2% to $439 a week. Asking house rents jumped the most in Canberra by 2.6% over the month while asking rents for units jumped the most in Hobart by 7.9%. 

Louis Christopher

Louis Christopher

Louis Christopher is the director of research house SQM Research.

Louis Christopher Residential Vacancy

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