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National vacancy rate steady

National vacancy rate steady

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For the second month in a row the national vacancy rate has sat at 1.9 per cent.

According to figures released by property research house SQM Research, the level of vacancy rates remained the same on a national level during February 2013, with a total of 52,351 vacant properties nationally.

“Residential rental vacancy rates remained unchanged once again at a rate that is illustrative of a landlord's market,” Louis Christopher, managing director of SQM Research said.

“While there should be a move of renters turning themselves into first home buyers this year, it does not seem to be at this stage a major shift.”

The February data revealed some slight changes for most of the capital cities, particularly in the case of Melbourne, which recorded a 0.3 per cent drop in vacancies month-on-month – coming to a total of 11,410 vacancies and a vacancy rate of 2.7 per cent. This is the lowest vacancy rate recorded for Melbourne for several months. However, the data shows no yearly change.

Adelaide reported a vacancy rate of 1.3 per cent down slightly from January when the rate was 1.4 per cent.

Perth's capital vancancy rate whilst has increased since this time last year is still at a tight 0.9 per cent, up slightly from last month when it was 0.8 per cent.

Sydney is relatively unchanged with a vacancy rate of 1.6 per cent with 8,762 vacant properties.

Brisbaneare experiencing a rate at 1.8 per cent and Darwin is at 1.3 per cent.

While Hobart's vacancy rate has jumped from 1.9 per cent last month to 2.1 per cent this month.

As a whole, the country appears to be have stagnated somewhat during February where the rental market is concerned.

However, SQM Research believes that as the sales market continues to recover, vacancy rates will begin to rise further as potential buyers will leave the rental market to purchase their first homes.

National vacancy rate steady
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