National Residential Vacancies And Asking Rents
By Louis Christopher on 18 Nov 2015
No Comments yet, your thoughts are very welcome
Figures released by SQM Research this week have revealed the number of residential vacancies rose slightly across the nation in October 2015, with a vacancy rate of 2.3% posted based on 70,827 vacancies. Vacancies rose in most capital cities, excluding Canberra and Sydney which recorded monthly falls.
Over the last year, vacancies are continuing to soar across Darwin and Perth. Perth vacancies have risen 64% over the past 12 months, based on a total 7,507 vacancies. Vacancies in Darwin have risen by 75% over the last 12 months, bringing the total number of vacancies to 997.
Both Hobart and Melbourne recorded yearly falls with vacancy rates down 0.1% for Melbourne and 0.2% for Hobart. Year-on-year results for Sydney reveal a tight residential market, with October recording a vacancy rate of 1.6%.
Asking Rents
Notably, Darwin has recorded a fall in asking rents of 20.5% for houses and 12.9% for units for the past 12 months, according to SQM Research. Yearly falls have also been recorded in Perth, with asking rents down 6.4% for houses and 8.4% for units.
In contrast, Hobart has recorded a rise of 4.7% for houses and 11.1% for units. Asking rents in Melbourne, Sydney, and Canberra have also recorded modest rises for the same period.
There is a sharp contrast in the national rental market at this point in time. Clearly, vacancies have been soaring in Perth and Darwin, while our east coast capital cities have generally been stable. This is just one indicator on how the mining downturn has effected the economy. Clearly, not everywhere has been effected, but those cities and townships that do have exposure have been hit hard.
Key Points
- Nationally, vacancies rose slightly during October 2015, recording a vacancy rate of 2.3%, based on 70,827 vacancies nationally.
- Both Darwin and Perth vacancy rates are up 1.4% from this time last year (October 2014).
- During the month of October, vacancy rates remained unchanged for Adelaide and Brisbane compared to September 2015.
- Year-on-year, vacancy rates dropped in both Melbourne and Hobart.
- Sydney vacancy rates remain unchanged over the last year, with figures from October 2015 recording a vacancy rate of 1.6%.
