Vacancy Rates Continue To Fall
The national residential vacancy rate is continuing to fall, dropping to 1.1% in September,
according to SQM Research. The total number of rental vacancies Australia-wide dropped by 2765 dwellings to 32,660
vacancies, during the month. SQM Research managing director, Louis Christopher says vacancies dropped in most
capital cities, with Sydney now 1.3%, Melbourne, 1.2% and Canberra, 1.8%.
Most regional areas experienced drops in vacancies as well with the North Coast NSW now
1.4% and the Gold Coast 1.1%. Christopher says 77.6% of all postcodes recorded a fall in rental vacancy rates over
September. As vacancy rates dropped, dwelling asking rents went up nationally by 1.3%, making the
increase for the past 12 months 16.2%. House rents are up 15.6% on the same time last year, while unit rents are up 16.1% during
the same period. The national median weekly asking rent for a capital city house is now $792 a week while a
capital city unit is $590 a week.
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