Falling vacancies recorded for January 2016: SQM Research
Property ObserverFebruary 16, 2016
National residential vacancies fell to 2.5% during January, with year on year results showing vacancy levels above seasonal trends, according to SQM Research.
Canberra had the largest fall, down 0.5 percentage points over the month of January, according to SQM Research managing director Louis Christopher.
"Darwin and to a lesser extent Sydney, also recorded monthly falls, with Darwin vacancies falling from 4.2% in December 2015 to 3.8%. Despite this, both Darwin and Perth continue to record an alarming number of vacancies, particularly when you consider the number of vacancies recorded this time last year (January 2015)," he said.
"Overall, vacancies for January fell in line with the seasonal trends associated for this time of year. We believe the seasonality observed has much to do with the end and start of tertiary studies which normally see a significant movement of students.
"Overall, vacancies for January fell in line with the seasonal trends associated for this time of year. We believe the seasonality observed has much to do with the end and start of tertiary studies which normally see a significant movement of students.
"Another trend observed in the data is the recovery of the Canberra rental market, which for about four years was in a slump. I would suggest that on the back of falling vacancy rates and rising asking rents that the rental slump is now over for the ACT."
According to SQM Hobart recorded the fastest rental rises for the capital cities, with asking rents rising 5.8% for houses, while units underperformed, falling by 2.3%. Average Hobart house rental is $337 a week, with units $274 a week.
