The rental market is looking even better for investors, with national vacancy rates falling in August.
The latest figures from SQM Research have revealed that residential vacancies have dropped by 0.1%, to a national rate of 1.8% - a total of 46,923 vacancies.
Canberra remains the capital city with the tightest vacancy rate, falling by 0.1% to 0.6% during August. Sydney also saw a decline in vacancies of 0.2% to 1.4% after rising to 1.6% between June and July. Melbourne has again recorded the highest vacancy rate at 2.8%, with no change from the previous month.
“Vacancy rates throughout the course of the year have remained very steady,” notes managing director of SQM Research Louis Christopher. “To date there is no significant trend of vendors, having failed in selling their properties, offering up for rent instead. While no doubt some vendors are doing this, so far, it’s not a mass event.”
A national figure of 1.8% represents a positive outlook for property investors, which SQM believes will continue until the housing market sees a shift in buyer interest.
“The rental market remains largely a landlord’s market, for now,” says Christopher.
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