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End of year vacancies rise
Australia’s national vacancy rate increased slightly in November, with further rises forecast for December due to seasonality, according to SQM Research.
The latest vacancy rate data shows the national vacancy rate at 2.2% – up from the 2.1% recorded in October 2017, but down from the 2.5% recorded at the same time last year.
Australia’s tightest market continues to be Hobart, sitting at the record low of 0.3% vacancy. At the other end of the spectrum, Perth saw vacancies rise from 4.4% to 4.5%; the highest rate of any capital city.
Several of Australia’s capital cities saw vacancy rate increases from October to November. Canberra, Perth, Darwin and Melbourne experienced marginal increases, while Sydney went from 1.8% to 2.1%.
SQM Research managing director, Louis Christopher, said that while home seekers in Hobart and Canberra are facing ongoing tight rental conditions and higher rents, the increase to Australia’s vacancy rate is “material”.
“Rises occurred across all regions in Sydney, however some of the larger month on month vacancy rises came from the Northern Beaches, Parramatta the Upper North Shore and especially the Hills District where vacancy rates rose sharply to 3.7%.”
Vacancy rates – November 2017
| City | November 2016 vacancies | Vacancy rate | October 2017 vacancies | Vacancy rate | November 2017 vacancies | Vacancy rate |
|---|---|---|---|---|---|---|
| Adelaide | 3267 | 1.8% | 2495 | 1.4% | 2501 | 1.4% |
| Perth | 10,273 | 5.2% | 8893 | 4.4% | 9003 | 4.5% |
| Melbourne | 10,581 | 2.0% | 9390 | 1.7% | 9872 | 1.8% |
| Brisbane | 11,203 | 3.6% | 10,714 | 3.4% | 11,040 | 3.4% |
| Canberra | 673 | 1.1% | 507 | 0.8% | 607 | 1.0% |
| Sydney | 12,034 | 1.8% | 12,435 | 1.8% | 14,362 | 2.1% |
| Darwin | 1012 | 3.5% | 762 | 2.6% | 848 | 2.8% |
| Hobart | 158 | 0.6% | 75 | 0.3% | 81 | 0.3% |
| National | 78,629 | 2.5% | 67,781 | 2.1% | 70,795 | 2.2% |
Source: SQM Research
Disclaimer
This article is over two years old, last updated on December 13, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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