Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

Vacancy rate falls as rental market recovers

By Tim Neary
13 February 2019 | 1 minute read
tenant family reb 1

The national vacancy rate fell in January, as the country’s rental market recovers from its traditional December slowdown, new data is showing.

The latest data released by SQM Research has revealed that the national residential vacancy rate declined to 2.2 per cent in January 2019, from 2.5 per cent in December 2018.

This means the total number of vacancies in Australia has declined to 72,574, which means there are 9,984 fewer properties available for rent now than there were in December 2018.

Managing director of SQM Research Louis Christopher said that all capital cities, except Hobart, experienced a decline in January.

He said that Darwin currently has the highest capital city vacancy rate at 3.8 per cent, down by 0.5 of a percentage point from December. Hobart has the lowest at 0.5 of a percentage point, in spite of it lifting by 0.1 of a percentage point. Sydney, although declining, is the second highest at 3.2 per cent, with 22,426 properties available for rent.

“The decline in vacancies is expected in January, as December usually has a higher seasonal listing,” Mr Christopher said.

“It still appears to be a tenant’s market in Darwin and Sydney where vacancy rates are high. Going forward, we expect another seasonal decline in vacancies for the month of February. However, for the year, our expectation is national vacancy rates will rise at the national level, driven by rises in Sydney.”

Mr Christopher said that the decline in vacancies saw asking rents for houses in capital cities increase by 0.2 of a percentage point to $560 a week. Unit asking rents also increased by 0.7 of a percentage point to $442 a week. Asking rents for houses declined by 0.4 of a percentage point, while unit asking rents remained steady.

“Hobart recorded the highest weekly rental increase of 4.8 per cent for units, but house weekly rents declined by 0.6 [of a percentage point],” he said.

“Sydney, Melbourne and Perth recorded marginal increases in both house and unit asking rents, whilst Darwin, Brisbane and Adelaide recorded declines for both houses and units. Canberra’s house rentals increased, but unit asking rents declined.”

Vacancy rate falls as rental market recovers
tenant family reb 1
lawyersweekly logo
Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to 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.