Residential vacancy rates tightened further in September, the fourth consecutive monthly drop, new data shows.
Figures released by SQM Research reveal that the level of residential vacancies fell by just over 1,000 vacancies last month, remaining at 1.8 per cent on a national level. Total vacancies now sit at 48,664.
Year-on-year, vacancies also appear to have remained stable, with the national vacancy rate remaining unchanged when compared to the corresponding period of the previous year (September 2011), SQM said.
“Residential rental vacancy rates remain in favour of landlords as has been the case for a number of years now,” said managing director of SQM Research, Louis Christopher.
“Going forward I see no material change to this current trend until there is a material increasing in housing completion levels. Currently there is no evidence that such an event is about to occur.”
None of the capital cities recorded monthly increases during September, with the majority either stagnating or recording modest declines.
Hobart recorded the largest monthly decrease of the capital cities, falling by 0.4 per cent to 2.3 per cent - a total of 632 vacancies.
Both Darwin and Perth continue to record alarmingly low vacancy rates, 0.5 per cent and 0.6 per cent respectively. Melbourne maintains its position on the other end of the spectrum, revealing a vacancy rate of 2.8 per cent - the capital city closest to what SQM Research considers to be equilibrium where residential vacancies are concerned (three per cent).
Sydney’s residential vacancy rate eased 0.1 per cent on-month to 1.7 per cent; Canberra’s fell by the same amount to 1.1 per cent; Adelaide’s also dropped 0.1 per cent to 1.5 per cent; while Brisbane’s rate remained unchanged at 1.5 per cent.
SQM said its calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties.