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Hobart and Sydney lead the way in flat rental market

20 November 2015 Reporter

Vacancy rates have remained tight across most capitals as weekly rents have barely crawled forward.

According to new figures from SQM Research, the national vacancy rate rose from 2.1 per cent in October 2014 to 2.3 per cent in October 2015.

Hobart recorded the tightest rental market as the city’s vacancy rate dropped from 1.3 per cent to 1.1 per cent over the same period.

Sydney recorded the second-tightest market as the vacancy rate remained unchanged at 1.6 per cent.

Adelaide’s vacancy rate rose from 1.5 per cent to 1.9 per cent, while Canberra’s also rose, from 1.8 per cent to 2.1 per cent.

Melbourne’s vacancy rate dipped from 2.5 per cent to 2.4 per cent, while in Brisbane the vacancy rate climbed from 2.2 per cent to 2.6 per cent.

The other two capitals recorded big increases in their vacancy rates, with Darwin rising from 2.1 per cent to 3.5 per cent and Perth from 2.4 per cent in to 3.8 per cent.

Meanwhile, Sydney remains the most expensive city for renting. In the year to 12 October, house rents grew 1.9 per cent to $704 and unit rents grew 3.1 per cent to $490.

Darwin is the second-dearest rental market, even though house rents dropped 20.5 per cent to $560 and unit rents fell 12.9 per cent to $447.

In Perth, houses fell 6.4 per cent to $481 and units fell 8.4 per cent to $379, while in Canberra houses climbed 1.4 per cent to $481 and units climbed 0.1 per cent to $379.

Melbourne houses increased 4.7 per cent to $478 and units increased 1.5 per cent to $359, while Brisbane houses increased 1.2 per cent to $450 and units decreased 0.1 per cent to $367.

In Adelaide, house rents grew 1.2 per cent to $363 and units fell 0.5 per cent to $280, while in Hobart houses rose 4.7 per cent to $331 and units rose 11.1 per cent to $283.

Across the capital cities, houses rose 0.9 per cent to $539 and units climbed 1.2 per cent to $418.

[Related: Vacancy rates tight in Hobart and Sydney, as rents fall in Darwin]

 

Hobart and Sydney lead the way in flat rental market
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