No reprieve for Perth as vacancies hit record mark

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A record breaking month in Perth has contributed to a slight rise in Australia’s residential vacancy rate over June.

Figures released this week from SQM Research have revealed the national vacancy rate was recorded at 2.5% over June, a 0.1% increase from May.

The national vacancy rate is also 0.1% higher than it was in June 2015.

A driving force behind the monthly national increase were conditions in Perth, where the residential vacancy rate increased 0.3% in June.

Perth’s vacancy rate now sits at 5%, which is the highest vacancy rate on record for the city and it a significant 1.4% higher than it was 12 months ago.

Louis Christopher, head of SQM Research, said Perth’s climbing vacancy rate is having a serious impact on the city’s rental market.

“The rental market slump continues for Perth. Rents are now down in that city by 23% over the last three years,” Christopher said.

“Outside the current situation for Darwin, I don’t believe rents have fallen this much for any Australian capital city since the Second World War,” he said.

In the past 12 months, Perth has recorded ongoing falls in asking rents of 9.1% for houses and 10.0 % for units while in Darwin asking rents are down 2.7% for houses and 7.1% for units.

Source: SQM Research

While Perth saw the largest increase over June, it wasn’t alone in seeing its vacancy rate rise.

Melbourne and Sydney both saw 0.2% increases in their vacancy rates over the month to 2.1% and 1.8% respectively.

Brisbane, Hobart, Darwin and Canberra all saw increases of 0.1% over the month.

In the 12 months to June, Brisbane and Adelaide both saw annual increases, however they were again much smaller in compariso0n to Perth’s at 0.3% and 0.1$% respectively.

Canberra saw the largest annual decrease, with its vacancy rate down 1% since June 2015, while in Hobart and Darwin vacancy rates are 0.6% and 0.5% lower than they were a year ago.

Melbourne’s vacancy rate is 0.2% lower when compared to June 2015, while Sydney’s is steady.

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