The number of vacant rental properties in Australia climbed to over 70,000 during May according to figures from SQM Research.
SQM’s figures show the national vacancy rate rose to 2.4% based on 71,970 vacancies during May, up from the April figures of 2.3% based on 69,295 vacancies.
Across the capital cities, vacancy rates rose in all markets except for Sydney, Canberra and Darwin
where rates were unchanged.
Darwin’s vacancy rate of 3.5% remains the highest in the country.
saw the biggest month to month increase, with its vacancy rate rising from 3% to 3.4%.
saw the second largest monthly increase, as rates went from 1.7% to 1.9%.
Melbourne, Brisbane and Hobart all saw their vacancy rates record a .1% monthly increase.
Year-on-year figures show that Canberra, Melbourne and Hobart vacancy rates dropped in the 12 months April, with Canberra recording the biggest fall with a decrease of 0.4%.
Hobart saw its rates drop from 1.8% to 1.5% over the period, while in Melbourne there was a 0.1% fall.
Hobart’s decrease means it now has the lowest vacancy rate in the country.
Over the 12 month period Darwin saw the most significant increase, with vacancy rates up 2.1% since May 2014.
Perth saw a 1.1% increase over the year, while Adelaide, Brisbane and Sydney all saw more modest increases.
Darwin also saw the most significant changes in terms of asking rents over the 12-month period, with a 13.5% decrease for houses and a 5.7% drop for units.
Perth also saw significant drops in asking rents, with houses down 6.6% and units down 4.8% over the year.
Across all the capital cities, asking rents increased by an average of 1.3% while units increased by an average of 0.5%.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out