Melbourne's vacancy rate has hit 'equilibrium' as national vacancies edged up slightly in September.
New data from SQM Research shows the national vacancy rate climbed 0.1% during the month to 1.9%. All capital cities apart from Perth saw a rise in vacancies, with Melbourne leading the way. The vacancy rate in Melbourne has now reached 3%, a level SQM has claimed is "equilibrium" for the city.
The company pointed out that the national vacancy rate has remained fairly stable for several consecutive months, and said this could be an indirect result of a lack of buyer interest in the housing market. SQM Research managing director Louis Christopher said he expected the national vacancy rate to remain stable.
"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.
“Melbourne is the one exception with vacancy rates now at 3%. 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," Christopher said.
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