New data released by SQM Research today has revealed the national residential rental vacancy rate decreased in January 2020 to 2.1% from 2.5% recorded in December, with the total number of vacancies Australia-wide now at 72,422 vacant residential properties.
All states recorded decreases in vacancy rates with Darwin recording the highest vacancy rate at 3.2% followed by Sydney at 3.1%. Hobart’s vacancy rate remains steady at 0.6%, the lowest of all capital cities.
The year on year comparison revealed a more moderate decline. The national rental vacancy rate back in January 2019 was 2.2% compared to 2.1% recorded for January 2020. Melbourne, Canberra and Hobart recorded higher vacancy rates compared to this time last year.
Managing Director of SQM Research, Louis Christopher said, "…we do believe that rental vacancy rates have now peaked in Sydney, Brisbane, Perth and Darwin. And assuming a stable economy, these cities are likely to record gradually lower vacancy rates as 2020 progresses.”
Over the month, Capital city asking rents increased 2.5% for houses and 1.1% for units for the week ending 12 February 2020.