Vacancy rates rise for first time in four months

Vacancy rates rise for first time in four months

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The level of residential rental vacancies rose during November, according to SQM Research.

The data company’s figures reveal that the vacancy rate now sits at 2.2 per cent across a total of 62,885 vacancies nationwide.

The rise breaks four consecutive monthly declines in residential vacancies on a national level and can be attributed to seasonality with a large proportion of university students vacating their rental accommodation as the study year draws to a close.

A year-on-year comparison reveals a 0.3 per cent increase in national vacancies, which shows the rental market has eased substantially since last November.

Managing director of SQM Research Louis Christopher said: “The national rental market has recorded a rise in vacancies for November, which is normal for this time of year.

“It is also likely the December result will record a rise. I note, though, Brisbane now appears to be recording a clear upward trend in vacancies and of particular interest is what is happening with the Brisbane CBD, where our numbers show vacancy rates are now at 4.7 per cent and rising quickly.

“On the other hand, Hobart is now recording a clear trend of declining vacancies, with the vacancy rate in that city now standing at just 1.4 per cent after continuous declines for the past six months. In all this, investors should be fully aware of rental market conditions before making decisions in the housing market.”

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