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New data reveals the national vacancy rate for May, and how asking prices for rentals have performed for property investors.
The national rental vacancy rate declined over May, falling 0.1 of a percentage to 2.2 per cent, according to data from SQM Research.
Darwin saw the biggest decline of 0.3 of a percentage point down to 3.3 per cent. Following this was Brisbane, which declined by 0.2 of a percentage point down to 2.4 per cent. Sydney, , Adelaide and Hobart all declined by 0.1 of a percentage point to 3.3 per cent, 3.1 per cent, 1.1 per cent and 0.5 per cent, respectively.
Melbourne and Canberra recorded no movement and held steady at 1.8 per cent and 1.2 per cent, respectively.
According to Louis Christopher, managing director of SQM Research, the standout capital cities for him were Brisbane and Perth.
“I think the rental market is decidedly turning in favour for landlords in these two cities,” Mr Christopher said.
“Both cities also recorded fairly strong increases in asking rents for the month. Indeed, Perth is now recording a 6 per cent rise in asking rents for houses over the past 12 months.
“With no expected material increase in new dwellings, I believe the rental market will continue to tighten from here for the two cities.”
While the vacancy rate declined nationwide, so too did weekly asking rents, declining by 0.2 per cent for both houses and units for the capital city average over the last month to 12 June, resulting in a weekly asking rent of $553 for houses and $441 for units.
The capital cities that saw rises for both houses and units were Adelaide, Darwin and Hobart.
Adelaide recorded rises of 1 per cent for houses to $395.50 per week and 1.8 per cent for units at $308.50 per week. Darwin saw houses increase by 3 per cent to $512.70 per week and units increase by 0.1 of a percentage point to $370.90 per week, and Hobart saw houses rise by 1.9 per cent to $435.10 per week and units rise by 3.7 per cent to $388.6 per week.
Meanwhile, Sydney was the only capital city to record declines for both houses and units in its weekly asking rental rates, declining by 0.1 per cent to $689.20 for houses and $502.80 for units.