In bad news for landlords new figures reveal vacancy rates are on the way up
VACANCY rates are on the way up with only capital cities experiencing drop in the number of properties available for rent in the past 12 months.
IN bad news for landlords new figures reveal vacancy rates are on the way up.
Figures released by SQM Research this week showed vacancy rates increased in May to 2.4 per cent up form 2.3 per cent the previous month.
The figures are based on 71,970 vacancies.
During the past 12 months the number of properties available for rent only dropped in Melbourne, Canberra and Hobart and even then the drop was minor.
During the month of May vacancy rates climbed in most capital cities excluding Sydney and Darwin were vacancy rates remained the same.
The biggest increase was in Perth where vacancy rates rose by 0.4 per cent during the month.
The capital city also experienced a significant increase from the same time last year with vacancies up 1.1 per cent since then.
The report also examined asking rents which dropped in Perth and Darwin.
Asking rents for housing in Darwin dropped by 13.5 per cent for houses and 5.7 per cent for units in the past twelve months.
Houses in Sydney and Melbourne experienced the biggest increase in asking rents in the past 12 months — both up by 3.3 per cent.
The highest increase in asking rents for units was in Hobart where it was up by 4.7 per cent.
SQM Research managing, Louis Christopher, said there was a continued gradual rise in vacancy rates across the country which meant asking rents in many areas had stalled.
Although holiday locations appeared to be going against the trend with the Gold Coast recording rental increases of about nine per cent, year on year.
“The is the fastest rental growth I have seen for The Gold Coast since the 1980s,’’ he said.
CAPITAL CITY VACANCY RATES
ADELAIDE - 1.9%
BRISBANE - 2.4%
CANBERRA - 1.9%
DARWIN - 3.5%
HOBART - 1.5%
MELBOURNE - 2.3%
PERTH - 3.4%
SYDNEY - 1.8%
Inside $20k tiny homes taking internet by storm
Aussies spend millions of dollars each year on purchases for their homes, but a new wave of shoppers are now turning to the online retail giant for the homes themselves.
China’s $1bn Aus home wipe out major blow to Albo
Chinese investors’ interests in Aussie homes have taken an almost $1bn cut — and Prime Minister Anthony Albanese is copping the blow back, amid stark warnings over the nation’s housing crisis.
Crowd shocked by Broady auction’s astonishing price
A auction has captured national attention in Melbourne’s north, after fierce bidding pushed a home of three generations to a huge sum. Find out how much it sold for.