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Perth records highest residential vacancies

Residential vacancy rates in Perth are the highest of any capital city in Australia despite a drop in October, according to data released by SQM Research.

Vacancy rates dropped to 8893 or 4.1 per cent in October, down from 9735 or 4.5 per cent of rental properties available in September.

SQM Research managing director Louis Christopher said the vacancy numbers indicated tighter rental markets in many capital cities.

“We’ve seen big falls in Perth and Adelaide and even Brisbane appears to be recording a slight trend downwards right now,” Christopher said.

“However, we expect vacancies to rise in November and December due to seasonality such as students finishing up their semester and heading home, which may take some pressure off rents.”

The national residential vacancy rate was 2.1 per cent in October, with the number of vacancies Australia-wide falling to 67,781, a drop from 72,955 in September.

Hobart recorded the lowest vacancy rate since SQM started recording data in 2005, falling to 0.3 per cent.

“In Hobart, the shortage of rental accommodation is the most severe, with just 75 properties available for rent in October, prompting a record low vacancy rate of 0.3 per cent and higher asking rents, especially for units, which were up 7.9 per cent over the months to 12 November,” Christopher said.

Vacancy rates in Sydney fell from 13,114 in September to 12,435 in October, down from 2.1 per cent to 1.9 per cent. In Melbourne, the vacancy rate fell from 1.9 per cent in September to 1.8 per cent in October with 9390 rental properties available.

Capital city asking rents over the month to 12 November fell 0.4 per cent to $548 a week for houses, while unit asking rents rose 0.2 per cent to $439 a week. Asking house rents jumped the most in Canberra, by 2.6 per cent over the month, while asking rents for units jumped the most in Hobart by 7.9 per cent.

The asking rent for a three bedroom house in Sydney remained the highest in the country at $731 a week, while for units it stood at $523. The asking rent for Sydney houses was down 1.1 per cent over the month.

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