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%.
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