SQM Research data shows the national residential vacancy rate dropped to 2.1% in August 2018, with five of the eight capital cities recording month-on-month decreases, while two others remained unchanged.
Four cities – Adelaide, Brisbane, Perth and Canberra – now have vacancy rates considerably lower than 12 months ago, while Melbourne is unchanged. Hobart’s vacancy rate has risen in 12 months but, at 0.5%, remains the lowest among the capital cities. Sydney and Darwin have both recorded higher vacancies in annual terms.
SQM says Sydney’s vacancy rate (2.8%) remains at its highest level in 13 years as an oversupply of rental property emerges there, which is keeping asking rents down. Melbourne’s vacancy rate was much lower at 1.6% in August, though unchanged from July. Hobart’s vacancy rate dropped to 0.5% from 0.7% in July.
Canberra’s vacancy rate slipped to 0.7% in August, down from 0.8% Brisbane has seen a sustained reduction in its vacancy rate, which fell to 2.8% in August, down from 2.9% in July and 3.4% a year ago.
Perth’s vacancy rate dropped to 3.7% and is well down from 4.9% a year earlier.
This is great news for property investors who’ve been considering buying and renting out a property but have had vacancy worries.
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