| | | | | | Perth Vacancy Rates Breaks Record High
Figures released by SQM Research this week have revealed that the number of national residential vacancies increased during June, recording a rate of 2.5%, and 77,891 vacancies. Year-on-year results demonstrate that national vacancy rates have climbed one percentage point from this time last year.
Perth recorded the largest monthly rise, with vacancies increasing by 0.3 percentage points during the month of June. On a year to year basis, Perth vacancies have climbed an alarming 1.4 %, to 10,190. This represents a new high in the vacancy rate for Perth, according to SQM’s Vacancy Rates Index.
In contrast, yearly falls were recorded for Canberra, Hobart and Darwin, with Canberra vacancies decreasing 1.0% compared to this time last year (June 2015). Hobart recorded a fall of 0.6 percentage points, based on 249 vacancies. Darwin soon followed with a vacancy rate of 3.0% for the month of May, a yearly fall of 0.5%.
Asking rents
Notably, according to SQM Research, Perth has recorded ongoing falls in asking rents of 9.1% for houses and 10.0 % for units over the past 12 months. Yearly falls have also been recorded in Darwin, with asking rents down 2.7% for houses and 7.1% for units. Hobart continues to record the most affordable rental accommodation with houses at just $343 a week, and units averaging $284 a week.
Nationally, asking rents are recording near zero changes with houses unchanged for the last 30 days, standing at $414 a week. And units are down by 0.9% to $341 a week.
Managing Director of SQM Research, Louis Christopher, said “The rental market slump continues for Perth. Rents are now down in that city by 23% over the last three years. Outside the current situation for Darwin, I don’t believe rents have fallen this much for any Australian capital city since the Second World War.”
Key Points - Nationally, vacancies increased during June 2016, recording a rate of 2.5%, based on 77,891 vacancies.
- Perth recorded the highest vacancy rate in June 2016 - 5.0% based on 10,190 vacancies. Year on year, Perth vacancy rates climbed 1.4 percentage points compared to this time last year (June 2015).
- Year on year, vacancy rates are down for Canberra, Hobart and Darwin.
- Canberra recorded the largest fall in vacancies, decreasing by 1.0% compared to this time last year (June 2015).
- Hobart recorded the lowest vacancy rate during June 2016 - 0.9% based on 249 vacancies.
- Over the past 12 months, Perth has recorded ongoing falls in asking rents of 9.1% for houses and 10.0% for units.
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