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Rental vacancies tight for most capital cities

Rental vacancies tight for most capital cities

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New figures have shown housing vacancies remain low across the country, with a flat overall residential vacancy rate sitting below three per cent.

According to the Domain report, the total residential vacancy rates remain at or below 2.0 per cent in Sydney, Adelaide, Canberra and Hobart, indicating ongoing tough local conditions for tenants.

Perth, Darwin and Brisbane continue to provide the widest choice of rental properties of all the capitals.

Hobart has the tightest rental condition in the country, with houses falling from 1.0 per cent in January 2015 to 0.9 per cent in January 2016, while units dropped from 1.7 per cent to 1.6 per cent.

In Canberra, houses fell from 1.3 per cent to 1.1 per cent and units dropped from 3.6 per cent to 2.3 per cent over the same period.

Sydney houses and units remained unchanged at 1.8 per cent and 2.2 per cent respectively.

In Melbourne, houses fell from 2.0 per cent to 1.8 per cent, while units remained steady at 3.4 per cent.

Adelaide houses rose from 1.3 per cent to 1.9 per cent and units jumped from 2.0 per cent to 2.5 per cent.

In Brisbane, houses rose from 2.1 per cent to 2.6 per cent and units climbed from 3.0 per cent to 3.4 per cent.

Darwin houses jumped from 1.3 per cent to 2.8 per cent and units rose from 4.5 per cent to 5.3 per cent.

In Perth, houses climbed from 2.4 per cent to 3.6 per cent, while units rose from 2.9 per cent to 4.1 per cent.

Across the country, houses rose from 1.9 per cent to 2.2 per cent, while units climbed from 2.8 per cent to 2.9 per cent.

Domain Group senior economist Andrew Wilson said rental vacancy rates for units remain significantly higher than houses in most capitals, reflecting unprecedented growth in apartment construction in recent years.

“Vacancy rates for houses can be expected to remain tight in most capitals over the foreseeable future, particularly reflecting the sharp recent decline in investor activity as a consequence of higher interest rates for this group initiated by financial regulators,” he said.

[Related: 'Alarming' vacancy increases for Perth and Darwin]

 

Rental vacancies tight for most capital cities
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