Rental vacancy rates remained steady across Australia during July, but a major research company predicts a spring surge in first home buyers will drive up rental vacancies in August.
SQM Research believe that with spring on its way, the rental market will soon see a rise in vacancies as first home buyers take advantage of the record low interest rates to exit the rental market in favour of purchasing their first property.
Melbourne has recorded the highest vacancy rate of the capital cities, revealing a vacancy rate of 2.7 per cent and a total of 11,537 vacancies.
Darwin has recorded the tightest vacancy rate of the capital cities, with a vacancy rate of 0.8 per cent and a total of 197 vacancies.
Canberra and Perth have both recorded the highest yearly increase in vacancies, climbing 0.7 per cent to 1.8 per cent and 1.6 per cent respectively since July 2012, coming to a total of 964 and 3,032 vacancies respectively.
Hobart was the capital city to record the largest yearly decrease in vacancies, falling by 0.5 per cent to 2.2 per cent since last year.
Perth and Canberra were the only capital cities to record monthly increases in vacancies, both rising by 0.1 per cent in July.
Hobart recorded the largest monthly decline of the capital cities, falling by 0.3 per cent.
Nationally, vacancies remained steady at 2.2 per cent during July, coming to a total of 61,117 vacancies across the country.