Promoted Content

Something isn’t adding up with vacancy rates!

By Simon Pressley

Promoted by Propertyology

The flood of additional stock added to rental pools from Sydney and Melbourne’s four consecutive years of record high volumes of property investor transactions has not translated into significant increases in vacancy rates as would ordinarily occur.

And it’s not unique to Sydney and Melbourne.As part of my daily research, I’m often surprised to see low vacancy rates in parts of regional Australia where economies have been much softer than Sydney and Melbourne post-GFC.

Something isn’t adding up with Australia’s residential vacancy rates!

Propertyology believes that the emergence of Airbnb as an alternative short-stay accommodation option is having a significant influence on the supply of property to long-term tenants.

It’s not a coincidence that the common denominator among locations with an out-of-cycle tightening of vacancy rates is tourism popularity – it’s the Airbnb affect!

Investor transaction volumes in Sydney and Melbourne between 2014 and 2017 were three times higher than normal.

As of 1 July 2017, both New South Wales and Victoria introduced more attractive incentives that have already resulted in increased first homebuyer activity – thereby easing demand for rental accommodation.

But the huge spike in rental supply and easing rental demand has resulted in Sydney vacancy rates only mildly increasing over the past couple of years (1.7 in January 2016 to 2.3 per cent in January 2018).

And Melbourne vacancy rates have completely defied logic, tightening from 2.4 to 1.8 per cent over the same two-year period.

There’sanother force at play– it is the likes of Airbnb and Stayz.

Instead of adding investment properties to the traditional (long-term) rental pool for local residents, an increasing number of investors are putting their properties up for rent for short-term visitors such as tourists and business travellers.

According to Airbnb, listing volumes in Australia rose by 40 per cent in the year to November 2017, with some 120,000 properties now available on the accommodation platform.

Airlie Beach, the gateway to Queensland’s Whitsunday Islands, has seen vacancy rates plummet from 7.5 to 1.5 per cent over the two years ending January 2018.

Other popular tourism destinations also to experience a significant rental tightening include Mooloolaba on the SunshineSunshine, NSW Sunshine, VIC Coast (2.1 to 1.1 per cent), Hervey Bay (3.2 to 2.8 per cent), Cairns (2.3 per cent to 1.8 per cent), Orange in New South Wales (2.7 to 1.7 per cent), and TorquayTorquay, QLD Torquay, VIC in Victoria (2.5 to 1.3 per cent).

Throughout Tasmania, where domestic and international tourists just can’t get enough of their unique tourism experiences, vacancy rates are so tight that the University of Tasmania has committed resources to an extensive study on the impact of Airbnb.

Vacancy rates continue to tighten in several locations across Australia that our buyer’s agents are currently active in.

While the short-stay accommodation model has been a significant disruptor for hotels and other more traditional leisure and business accommodation businesses, the bigger picture is that it’s been very good for consumers and the broader economy.

According to Airbnb, nearly five million Australians now use the service, which can range from an overnight stay in an apartment's spare bedroom or a few weeks in an entire empty house.

In Hobart, Australia’s strongest property market since mid-2016 (by a long streak), short-stay popularity has contributed towards rents skyrocketing.

A number of clients that Propertyology helped invest in Hobart prior to the boom commencing have reported that their rental income has increased by as much as 25 per cent in the past 12 months alone.

Hobart vacancy rates of 0.4 per cent is an all-time Australian capital city record low.

Melbourne, with a year-round calendar of major events, is estimated to have 12,000-plus properties listed for rent on Airbnb. No wonder its vacancy rate has produced a total out-of-cycle decline.

It is worth noting however, that the impact of the Victorian government’s vacancy tax, effective 1 January 2018, is yet to materialise.

Other big cities around the world such as New York, Paris, London, Rome and Amsterdam have also reported a significant reduction in the size of their long-term rental pool for local residents.

When selecting an asset to invest in, there are a number of more important considerations than short-stay rental potential.

However, the broader impact that this innovative business model is having on markets has more positives than negatives if you ask me.

If you’d like to know more about Propertyology’s services, here’s how you contact them.

Propertyology is a national property market researcher and buyer’s agency. The multi-award-winning firm’s success includes 2018 REIQ Buyer’s Agency of the Year and being a finalist in the 2017 Telstra Business Awards. Managing Director Simon Pressley is a REIA Hall Of Fame Inductee and a three-time winner of the REIA and REIQ Buyers Agent of the Year award.

 

 

Vacancy Rate

 

Jan 2016

Jan 2018

Greater-Sydney

1.7%

2.3%

Greater-Melbourne

2.4%

1.8%

Greater-Brisbane

2.9%

3.6%

Greater-Adelaide

2.0%

1.5%

Greater-PerthPerth, TAS Perth, WA

4.2%

4.4%

Greater-Hobart

0.9%

0.4%

Greater-Canberra

1.5%

0.9%

Greater-Darwin

3.9%

3.1%

Cairns
Qld

2.3%

1.8%

Airlie Beach

Qld

7.5%

1.5%

Hervey Bay

Qld

3.2%

2.8%

Noosa

Qld

1.7%

2.0%

Mooloolaba

Qld

2.1%

1.1%

Coolangatta

Qld

0.4%

0.4%

Byron Bay

NSW

1.0%

1.5%

Port Macquarie
NSW

1.7%

1.7%

Coffs Harbour
NSW

1.0%

1.1%

Bondi Beach
NSW

1.8%

2.0%

Orange
NSW

2.7%

1.7%

Torquay
Vic

2.5%

1.3%

Port Melbourne
Vic

1.5%

1.6%

Burnie

Tas

3.3%

1.0%

Launceston
Tas

2.9%

2.0%

Broome
WA

4.0%

3.1%

Busselton
WA

1.8%

1.9%

Margaret River
WA

0.4%

0.7%

 

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podcast

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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Sydney
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A softening market can be a difficult time for a property investor with finance approval tightening and property capital growth slowing, and while many real estate agents are also feeling the squeeze McGrath Brighton Le Sands' Bill Tsounias claims it is simply the market returning to normal.

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In this episode of the Smart Property Investment Show, Bill joins host Phil Tarrant to share his thoughts on the current Sydney property market, and to share the shifts that he has seen in house and unit sale prices following their worst quarter in the past decade.

Bill will unpack why properties are spending longer on market, share what he believes property investors are doing wrong when trying to sell their properties and share the secrets to getting the best out of a real estate agent and an auction in the current softening market.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Top 100 ranked agent Bill Tsounias shares the secrets to getting the best deal in a softening market
object(stdClass)#1305 (52) {
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  ["title"]=>
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  ["introtext"]=>
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Gavin Kemp and his now-fiancé bought their first property together after only six months of dating. They weren’t even living together at the time. Now, two years on, the pair have bought five properties, sold two and have a solid plan in place for their ongoing property journey. 

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In this episode of the Smart Property Investment Show, Gavin joins host Phil Tarrant to discuss how he chose the locations where he decided to invest and how, due to the initial lack of education (something that he now values highly), he lost money on his first two investments.

Gavin will share his thoughts on the current property market, reveal the people who he has leaned on throughout his property journey and discuss why his strategy employs a zero procrastination rule.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Redcliffe
Port Macquarie
Loganlea
Launceston
Raceview

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A joint property portfolio before they were even living together

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