Vacancy rates stable across country

Vacancy rates stable across country

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Residential property rental vacancies across the country remained steady in August, with SQM Research recording a vacancy rate of 2.2 per cent and a total of 61,007 vacancies nationwide.

However, vacancies are beginning to rise gradually with a year-on-year comparison of vacancy figures showing a 0.3 per cent yearly increase recorded for August.

Perth recorded a significant yearly increase in vacancies with the vacancy rate rising from 0.6 per cent in August last year to 1.6 per cent this year.

SQM Research attributed this to the downturn in the commodities boom, with fewer employees seeking temporary residence in this part of the country.

Canberra recorded the only notable increase, rising 0.2 per cent during August 2013 while Hobart recorded a substantial decrease, falling by 0.3 per cent over the same period.

Louis Christopher, managing director of SQM Research, said that “although SQM Research has observed a rapid pick up in the housing sales market of late, much of this recovery has so far been investor-driven and therefore has not resulted in a mass exodus of renters to become first home buyers/occupiers.

“However, SQM Research expects that as the housing recovery continues, more first home buyers will enter the market.

And in any case, supply of new stock will increase as property developers meet buyer demand; whether they are first home buyers or investors. So in time, we are expecting vacancy rates to continue to rise from here. “

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