The vacancy rate in Australia has fallen to its lowest level in 4-and-a-half years. (photo of property website Realestate)
Rental vacancy rates in Australia have fallen to their lowest level in four and a half years, according to property website Realestate. At the moment, it`s harder to find a rental property in Brisbane than in Sydney, but the most shocking thing is the Horbart market.
According to the latest vacancy report from SQM Research, the housing market research group, the number of rentable properties in all of Australia`s capital cities is 67350, and the vacancy rate is as low as 2 percent. Among them, Sydney`s vacant rental property accounts for 28%.
In October, Brisbane had just over 9000 properties available for rent, with a vacancy rate of 2.7 percent, down 0.2 percent. In the same month, the vacancy rate in Sydney`s rental market fell slightly from 2.8 percent to 0.1 percent, with more than 19,399 properties available for rent in the city, the highest level in 13 years.
Last year, the number of vacant rental homes in Sydney and Brisbane accounted for 1 / 3 of the total number of rental homes in all state capitals, but the gap between the two cities was small, at 1721, but has now widened to more than 10,300.
The real problem is Hobart`s tenants. In October, the city had only 78 properties available for rent, with the lowest vacancy rate in Australia, at 0.3 percent.
The vacancy rate of Canberra was also relatively low, at 0.6 percent of Adelaide, which remained relatively stable at 1.1 percent of Melbourne, at 1.6 percent.
Perth`s vacancy rate fell from last year to 4.4 percent in October and 3.3 percent in the same period this year.
The highest vacancy rate was 3.8% of Darwin, with 1170 properties available for rent in October.
Christopher (Louis Christopher), managing director of SQM Research, said that while Sydney`s vacancy rate was down 1 percentage point from last year, the decline in vacancy rates in many smaller cities also reduced the average across Australia.
He pointed out that Hobart is currently very short of rental housing, the city is rapidly rising rents, and there are no signs of slowing down. Canberra also faces a similar situation, currently only 387 properties can be rented, rental pressure increased. Melbourne`s vacancy rate has remained low over the past year. By contrast, rental property in Sydney has increased and rents are falling, a trend that is expected to continue until 2019. Brisbane also has fewer rentals than Melbourne, with 9024 and 9320 units, respectively.
According to SQM Research`s weekly rent index, rents in Sydney and Darwin fell 2.6 percent and 8.4 percent in the year to October, respectively.
