Return of international students to assist metropolitan vacancy rates: SQM

SQM Research calculated the national residential property rental vacancy rates rose to 1.7% in September. "Vacancy rates remained largely steady over the month of September, albeit remaining in favour of landlords for most capital cities with the exception of Melbourne and inner Sydney," SQM managing director Louis Christopher said. Sydney and Brisbane’s vacancy rate rose to 2.7% and 1.4% in September from 2.6% and 1.3% in August. "In Adelaide, Perth, Darwin, Canberra and Hobart the vacancy rate remained below 1%, while Melbourne’s rate remained constant yet elevated," he noted. Vacancy rates rose in the Sydney CBD and Melbourne CBD to 8.2% and 8.4%. “As NSW and Victoria come out of lockdown and back to some sense of normality we expect some movement in the rental market. "CBD locations may well improve for property owners as overseas students return to our shores. "However, regional vacancy rates may also rise as longer term city dwellers seek a return to a larger choice of amenities, family and friends.” The NSW government is looking at ways to fast-track home quarantine in November, and if that happens the Federal Government will move to facilitate the opening up of the international border into NSW for students. The ABC estimated nearly 60,000 international students are hoping to get to Australia to begin or resume their studies. The total number of rental vacancies Australia-wide now stands at 59,345 residential properties, up from 58,856 in August.