RESIDENTIAL, PHIL BARTSCH, WED 14 SEP 22
[Silverhall Comment - falling vacancy rates are a clear plus for investors. This should give rise to great rental increase to help with cashflow from your investments]
Australia’s housing crisis has hit unprecedented levels in all cities and regions with the nation’s residential property rental vacancy rate sinking below 1 per cent and no signs emerging of it bottoming out.
After plateauing over recent months, the proportion of available rental homes dipped to 0.9 per cent in August.
According to SQM Research, the country is now in the grip of its worst rental squeeze for more than 16 years.
“This represents the lowest national rental vacancy rate since 2006 and is at unprecedented levels both in duration and scope when considering the sustained lack of rental properties over the past six months as well as the geographical extent of the crisis,” it declared in a statement.
Sydney’s vacancy rate fell to 1.3 per cent, its lowest level in a decade, and Melbourne’s to 1.4 per cent, a four-year low, from 1.5 per cent and 1.6 per cent respectively.
Meanwhile, vacancy rates in Brisbane, Perth, Adelaide, Canberra, Darwin and Hobart continue to sit well below 1 per cent.
“The national housing rental crisis has further deteriorated to unprecedented levels,” SQM Research managing director Louis Christopher.
“And rental listings thus far recorded in September would suggest another fall in rental vacancy rates for the current month.”
He said the latest data concurred with the recent “concerning” alerts and warnings by various housing bodies as to what is happening on the ground.
“Asking rents continue to rise across the country at a red-hot pace,” Christopher said. “All capital cities are recording double digit percentage rental increases over the past 12 months.”
Over the past 30 days to September 13, capital city asking rents rose by another 2.6 per cent with the 12-month rise standing at 20.1 per cent. Taking into account all regions, national rents rose by 14.7 per cent for the same period.
https://www.theurbandeveloper.com/articles/rental-vacancies-new-home-sales-crisis?utm_source=TUD+-+Daily+Briefing&utm_campaign=c4ad4ab9cc-EMAIL_CAMPAIGN_2021_08_11_01_49_COPY_01&utm_medium=email&utm_term=0_982c36d415-c4ad4ab9cc-195738894