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New data released by SQM Research has shown that there was a slight decrease in national residential vacancy rates in March, save for Darwin and Hobart.
The new data showed that the national rate dropped to 2.1 per cent, down from 2.2 per cent in February, which represents a drop of 763 properties.
Melbourne’s and Adelaide’s rental rates remained steady at 1.4 per cent each, and Perth also remained steady at 4.1 per cent.
Sydney’s rates remained steady at 2.3 per cent, but it is up significantly from March 2017 where it was at 1.7 per cent.
Brisbane’s and Canberra’s rates both fell by 0.2 percentage points to sit at 3.2 per cent and 0.6 per cent, respectively.
Bucking the national trend, Darwin’s and Hobart’s rates both rose slightly to sit at 3.6 per cent and 0.6 per cent, respectively.
Managing director of SQM Research Louis Christopher said that the vacancy numbers highlighted tight rental markets, particularly in capital cities.
“Reflecting the tight rental conditions in Melbourne, asking rents for houses were up by 1.1 per cent over the month to 12 April. We can expect continued strong growth given the high population growth that Melbourne is experiencing,” the MD said.
“In contrast, Sydney’s vacancy rate is above year-ago levels, and as rental vacancies rise, asking rents are falling.”
While residency rates slipped, capital cities saw a rise in asking rents over the month to April 2018, with a 0.5 per cent rise for houses and 0.2 per cent rise for units.
Sydney remained to have the highest rent rate in the country, with a three-bedroom house asking for $738 a week and units asking for $524.
“Asking rents for houses [in Sydney] fell by 1.3 per cent over the year to 12 April, while asking unit rents increased by just 0.8 per cent. Sydney rents could continue to ease this year given its higher vacancy rate,” Mr Christopher said.
Canberra was just behind Sydney, with a house asking rent of $617 a week and $439 for units.
Asking rents for houses rose the most for Darwin, which was up by 3.3 per cent to $560 a week. Melbourne houses also rose by 1.1 per cent to $537.
The cheapest rents were in Adelaide and Perth at $297.5 and $326 a week for houses and $383.5 and $423 a week for units, respectively.
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