Figured released by SQM Research reveal that the number of residential vacancies across the country fell to 2.2% in September, a decline of 0.1% from August.
After recording stable vacancies for the past several months, this is the first sign of a notable decrease in rental listings around the country. However, the Louis Christopher, managing director of SQM Research says that this could be due to seasonality, with previous years recording similar results.
Every capital city experienced falls during September, except for Darwin. The NT capital continues its trend of rising vacancies, revealing a 1% yearly increase to 1.8% in September.
Perth is another capital city that has surged year on year, also recording a 1% increase, recording a vacancy rate of 2.5% for September.
Sydney and Adelaide remain tight, recording vacancy rates of 1.7% and 1.5% respectively. Melbourne is continuing to record slightly lower vacancy rates over the longer term, dropping 0.1% in September to a vacancy rate of 2.5%.
However, Hobart has revealed a substantial shift into what is to be considered tight territory as far as vacancies are concerned, dropping 0.2% during September, and 0.5% since September 2013. SQM Research believes this to be indicative of a recovery beginning to take place in Hobart.
SQM Research’s Asking Rents Index revealed that landlord’s sentiments have not been increasing, with the capital city average recording a 0.2% monthly decrease in asking rental prices for both houses and units.
Over the year, there was a 0.2% decrease in asking rental prices for houses and a 1.5% yearly increase in asking rental prices for units.