23 May 2016
Rental vacancies continue to climb

Rental vacancies continue to climb

Rental vacancies continue to climb
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Guid,Tips,Selling,Auction real estate agents

The number of national residential vacancies has risen during the month of April, recording a vacancy rate of 2.5%, and 75,749 vacancies.

Yearly results show that national vacancies appear to be slightly above the common seasonal trends expected at this time of year.

Perth recorded the largest monthly rise, with vacancies increasing by 0.5 percentage points during the month of April.

Perth continues to record an alarming number of vacancies, particularly when compared to this time last year (April 2015), with vacancies climbing a total 1.1%.

Canberra also experienced a notable monthly rise, with percentage points up 0.3%.

In contrast, vacancies remained the same in Hobart over the month of April, with a tight rate of just 0.9% based on just 240 vacancies.

Asking rents dwindling

Notably, Darwin has recorded ongoing falls in asking rents of 8.4% for houses and 12.5% for units over the past 12 months.

Yearly falls have also been recorded in Perth, with asking rents down 8.4% for houses and a considerable 9.3% for units.

Hobart continues to record the most affordable rental accommodation with rents for houses at just $350 a week, while Adelaide recorded the most affordable unit rent, averaging $285 a week.

The vacancy rate for Perth is now at a record high.

It is suggestive that the housing downturn in Perth has yet to bottom out and that rents, which are already well down from their peaks in 2012, still have further to fall.

Key findings:

  • Nationally, vacancies climbed during April 2016, recording a rate of 2.5%, based on 75,749 vacancies.
  • Perth recorded the highest vacancy rate in April 2016 of 4.6% based on 9275 vacancies.
  • Year-on-year, vacancy rates decreased in most capital cities, excluding Adelaide, Perth and Brisbane where vacancies rose.
  • Hobart recorded the lowest vacancy rate during April 2016 – 0.9% based on 240 vacancies.
  • Over the past 12 months, Darwin asking rents have experienced excessive yearly falls with houses down 8.4% and a 12.5% decrease for units.

Contact We Love Rentals to experience property management with passion, even in today’s tough market.

Written by Naked Writers

Rental vacancies continue to climb
Naked Writers

Naked Real Estate Writers collaborating to bring the latest news and trends in real estate for buying, selling and working in the exciting world of real estate. Is it time for you to get Naked?

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