The latest residential property data released by SQM Research has shown vacancy rates dropped across the country in August.
Overall, the national vacancy rate for August was 2.2 per cent, down slightly from July’s figure of 2.3 per cent. This translated into 71,450 homes being available to be rented during the month.
The research showed the vacancy rates for both Sydney and Melbourne remained stable at 2 per cent and 1.7 per cent respectively. In regard to the Sydney market, SQM expected the seasonal rise in vacancies experienced in the city over the winter months to unwind during spring.
Brisbane vacancy rates were in line with the rest of the country, falling from 3.3 per cent in July to 3.1 per cent in August.
The capital city with the highest level of vacancies was Perth, coming in at 4.6 per cent, but this figure still fell 0.3 per cent from the previous month.
SQM Research managing director Louis Christopher described the situation as being a moderate landlord’s market and said there was nothing to suggest an oversupply would occur in the immediate future.
“Dwelling completions should peak in early 2018 and given the pronounced year-on-year declines in building approvals we believe rents will likely rise at a faster pace in 2018 than has been recorded in 2017 thus far,” he said.
“We now have mounting concerns for significant rental shortages in 2019 in Sydney and Melbourne.”
In line with falling vacancies, asking rents for houses rose 0.4 per cent for the 30 days ending 12 September to stand at $549 a week. Asking rents for units remained steady at $438 a week.