Seasonal spike in vacancies

Seasonal spike in vacancies

by Staff Reporter 0 comments

Figures released this week reveal an increase in residential vacancies nationwide recorded during November.

According to SQM Research, the national vacancy rate now sits at 2.2 per cent, with 65,777 vacancies – a rise from 2.1 per cent in October. 

SQM said vacancies are largely following seasonal trends for this time of year, when more rentals are available for a variety of reasons.

“The most predominant of these factors is that as university sessions finish for the year, many students vacate their rental accommodation, as it is no longer needed over the longer summer break,” said a spokesperson for SQM.

“Perth and Darwin have continued to record alarming increases in vacancies, whilst many of the other capital cities have remained stable year-on-year. However, Hobart and Melbourne have recorded yearly declines.” 

The research house attributed falls in Hobart to a healthier local economy, being buoyed by a spike in tourism as a result of the lower Australian dollar.

SQM Research managing director Louis Christopher said the declines in Melbourne have been a little more difficult to assess.

“This may be a result of a brief lull in construction activity, or possible recent surge in its local population.”

“On a year-on-year basis, we are seeing rises in Darwin and Perth. The reasons for the rises in Darwin and Perth are pretty clear ... it is related to the ongoing mining downturn, causing a lot of loss of employment, particularly temporary/contract jobs.” 

Seasonal spike in vacancies
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