National rents improve as market remains tight

National rents improve as market remains tight

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Vacancies have remained tight for most of the country while asking rents have risen across most capital cities.

New figures from SQM Research have shown that 12-month changes to national rents are mirroring the CPI index, while vacancies are tight in every capital except Perth.

Canberra recorded the most significant improvements, as houses increased by 9.2 per cent over the past 12 months to $524 and units climbed 6.9 per cent to $408, while the vacancy rate fell from 1.9 per cent to 1.1 per cent.

In Hobart, houses climbed 8.5 per cent to $347 and units dropped 0.9 per cent to $277, while the vacancy rate fell from 1.5 per cent to 0.8 per cent.

Sydney’s houses jumped 3.3 per cent to $712 and units climbed 5.4 per cent to $506, while the vacancy rate fell from 1.8 per cent to 1.6 per cent.

In Melbourne houses rose 1.7 per cent to $484 and units climbed 3.8 per cent to $378, while the vacancy rate fell from 2.4 per cent to 1.9 per cent.

Adelaide’s houses climbed 1.2 per cent to $371 and units rose 0.1 per cent to $284, while the vacancy rate increased from 1.9 per cent to 2.0 per cent.

In Brisbane houses dipped 0.1 per cent to $449 and units jumped 0.9 per cent to $372, while the vacancy rate rose from 2.4 per cent to 2.7 per cent.

Perth’s houses dropped 9.6 per cent to $456 and units fell 10.0 per cent to $366, while the vacancy rate rose from 3.4 per cent to 4.7 per cent.

In Darwin houses dropped 10.4 per cent to $556 and units decreased by 12.2 per cent to $433, while the vacancy rate fell from 3.5 per cent to 2.9 per cent.

Across the country houses rose 2.2 per cent to $417 and units increased by 0.9 per cent to $341, while the vacancy rate remained steady at 2.4 per cent.

[Related: Australia faces housing affordability crisis]

 

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