A slump in buyer confidence has kept the national vacancy rate at record low levels in September, SQM Research has found.
The national vacancy rate has hovered around the 1.8 to 1.9 per cent level for a number of months, which may be an indirect result of the continuous lack of buyer interest in the housing sales market of late, SQM Research Louis Christopher claimed.
“Vacancy rates nationwide have been staying in a fixed range for a long time now and I do not anticipate a move one way or the other for the foreseeable future.
"As stated in our last update, Melbourne is the one exception with vacancy rates now at three per cent,” Mr Louis said.
In September, total vacancies rose 0.1 per cent – to a total of 48,179 vacancies nationally.
Melbourne recorded the highest number of vacancies for September, with the residential vacancy rate climbing to three per cent, while Canberra continues to record the nation’s tightest rental market at 0.7 per cent.
“It is very possible we will see Melbourne vacancies continue to rise from here as there is, even at this point in time, new stock still just being completed now.”
Sydney's vacancy rate remained steady in September at 1.4 per cent; Brisbane edged 0.1 per cent higher on-month to two per cent; Adelaide rose 0.1 per cent to 1.7 per cent; fell 0.1 per cent from August to 0.9 per cent; Hobart rose 0.2 per cent to 2.1 per cent; while Darwin remained steady at 0.9 per cent.
SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more, compared to the total number of established rental properties.