Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP
rpm logo latest

Rental vacancies tight for most capital cities

16 February 2016 Reporter

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.

Advertisement
Advertisement

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
HouseGraph
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.