Canberra, Hobart and Melbourne buck trend of increasing vacancy rates

Canberra, Hobart and Melbourne buck trend of increasing vacancy rates

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Fresh data reveals vacancy rates across Australia have risen year-on-year, with five out of eight state capitals contributing to the overall increase.

Figures released by SQM Research reveal the number of residential vacancies in Australia has climbed, with a national vacancy rate of 2.4 per cent in May 2015 compared to 2.2 per cent in May 2014.

This is based on 71,970 vacancies across Australia, up from 64,975 vacancies this time last year.

SQM Research managing director Louis Christopher said there has been a trend of continuing, yet gradual, rises in rental vacancies across the country.

“This has resulted in an overall stalling of weekly market rents, with capital city asking rents largely unchanged for the plast 12 months,” Mr Christopher said.

Darwin saw the highest year-on-year increase from 1.4 per cent to 3.5 per cent, based on vacancies increasing from 382 to 992.

Perth recorded the second-biggest rise, with vacancy rates jumping from 2.3 per cent to 3.4 per cent, based on an increase of vacancy numbers from 4,476 to 6,621.

Adelaide’s vacancy rate increased from 1.6 per cent to 1.9 per cent caused by vacancies climbing from 2,546 to 3,101.

Brisbane and Sydney vacancy rates both increased by 0.1 of a percentage point.

Brisbane rose from 2.3 per cent to 2.4 per cent, with vacancies shifting from 6,833 to 7,651 and Sydney increased from 1.7 per cent to 1.8 per cent, with vacancies moving from 9,781 to 10,679.

Canberra, Hobart and Melbourne all moved against trend with tighter vacancy rates.

Canberra’s vacancy rate decreased the most from 2.3 per cent to 1.9 per cent, with 1,049 current vacancies as opposed to 1,224 in May 2014.

Hobart’s rate fell from 1.8 per cent to 1.5 per cent, with vacancies dropping from 484 to 418.

Melbourne saw a slight decrease from 2.4 per cent to 2.3 per cent, with numbers dropping from 10,997 to 10,889.

[Related: Perth rents drop as vacancy rates climb]

 

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