The national vacancy dropped for the second month running in February, according to the latest figures from SQM Research.
SQM Research now puts February’s national vacancy rate at 1.7%, a 0.1% drop on January’s figure, but this remains 0.1% higher than February 2010’s figure of 1.6%.
Canberra remains the capital city with the lowest vacancy rate (0.6%), followed by Perth (1%), Hobart (1.1%), Adelaide (1.2%) and Sydney (1.3%).
Melbourne has the most open rental market, with a vacancy rate of 2.8%, followed by Darwin (2.3%) and Brisbane (1.8%).
"Overall, these vacancy statistics reveal an ongoing tight rental market nationwide, with some cities recording tighter results than others,” said SQM Research managing director Louis Christopher.
"This has been resulting in higher than average rental growth per annum as in the case in Sydney, where rents have grown on a compounded basis by 8.8% per annum for the past five years.”
Six out of eight state capitals saw a month-to-month reduction in vacancy rates, with Melbourne and Brisbane’s 0.3% drops leading the way, while the two state capitals not to see a monthly drop in vacancy rates (Adelaide and Hobart) saw no change from January’s figure.
"With this type of vacancy rate result, it implies once again this this year we will see rents grow faster than inflation," said Christopher.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help financing your investment
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 expert 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, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out