Vacancy rate creeps higher in Tasmania

Vacancy rate creeps higher in Tasmania

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The residential vacancy rate in Tasmania has continued to trend upwards in the latest data released by the Real Estate Institute of Tasmania (REIT).

The vacancy rate rose 0.1 per cent to 4.7 per cent for the state in December 2012, adding to the backlog of vacant properties.

From the month before, the vacancy rate rose 0.3 per cent in Hobart to 4.9 per cent, while Launceston posted a 0.1 per cent rise for the month to 3.7 per cent.

According to the report, the North-West Centres recorded an overall fall in residential vacancy rates dropping 0.2 per cent to 5.5 per cent.

The median rental price per week for three bedroom house remained steady, according to the data, at $330 per week. 

Over the past 12 months, the residential vacancy rate in Tasmania has increased by an average of 1.5 per cent, with the biggest jumps coming from Launceston, increasing 1.9 per cent overall, and Hobart, recording a 1.7 per cent increase over the year.

A residential vacancy rate of three per cent is seen as the market sitting at an equilibrium.

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