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Vacancies remain tight in Sydney as rents slump in Darwin

Vacancies remain tight in Sydney as rents slump in Darwin

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National vacancy rates and weekly rents have barely moved over the past 12 months, according to new figures from SQM Research.

The national vacancy rate rose from 2.3 per cent to 2.4 per cent during the year to July, while national house rents remained steady at $408 and unit rents rose 0.3 per cent to $337.

Hobart has Australia’s tightest vacancy rate, after it fell from 1.7 per cent to 1.2 per cent.

In Sydney, the vacancy rate remained steady at 1.8 per cent.

Adelaide’s vacancy rate rose from 1.5 per cent to 1.9 per cent.

Melbourne’s vacancy rate fell from 2.6 per cent to 2.3 per cent.

Canberra’s vacancy rate jumped from 2.1 per cent to 2.5 per cent.

In Brisbane, the vacancy rate rose from 2.3 per cent to 2.6 per cent.

In Darwin, the vacancy rate jumped from 1.4 per cent to 3.5 per cent.

Perth’s vacancy rate climbed from 2.5 per cent to 3.8 per cent.

Meanwhile, Sydney had the country’s highest rents as of August 12, after house rents climbed 1.4 per cent to $681 and unit rents climbed 1.6 per cent to $481 for units.

Rents in Darwin fell 20.5 per cent to $583 for houses and 15.2 per cent to $472 for units.

Perth’s house rents fell 7.4 per cent to $488, while units dropped 6.3 per cent to $392.

Rent for houses in Canberra rose 0.6 per cent for the year to $478 while unit rents fell 0.3 per cent to $372.

In Melbourne, rents for houses jumped 3.0 per cent to $472 and units rose 2.0 per cent to $364.

In Brisbane rents increased 1.0 per cent to $450 for houses 1.4 per cent to $372 for units.

Adelaide rents rose 2.5 per cent to $364 for houses while units remained unchanged at $280.

Rent for Hobart houses rose 3.9 per cent to $320, while units climbed 8.3 per cent to $284.

SQM Research managing director Louis Christopher said the rental market is slightly in favour of tenants, although each capital has its own characteristics.

“Areas exposed to the ongoing mining downturn are generally experiencing falls in weekly rents, while areas exposed to the tourism market are recording a stronger rental market,” he said.

[Related: Rental report reveals landlords gain slight edge on tenants]

Vacancies remain tight in Sydney as rents slump in Darwin
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