The national vacancy rate has fallen to 2.2% in June, down from 2.3% a year ago, according to SQM Research. This was shored up by a 0.3% fall in the month between May and June this year. All capital cities recorded declines in vacancy rates in June, with good results noted in Perth and Darwin. Perth’s vacancy rate has been on a steady downward trajectory all year, falling from 3.2% in June 2019 to 1.5% in June 2020.
The pattern in Darwin is similar, the vacancy rates dropping from 3.1% to 1.8% over the same time period. Vacancies in Sydney fell from 4.0% in May to 3.8% in June, though they remain higher than their level in June 2019 when they were 3.5%. Sydney is now the only capital city with a vacancy rate above 3%, while five cities have vacancy rates below 1.5%. The fall in Melbourne was minimal – only 0.1% over the month with the June 2020 rate of 3.0% higher than the rate of 2.0% a year ago. Vacancies in Brisbane, Adelaide and Canberra all recorded small improvements.