Rental vacancies up in CBDs

The level of rental vacancies among residential properties has increased across Australia, with CBDs and mining towns the most affected.
SQM Research figures show the level of rental vacancies rose over December to hit 2.6%, equating to 73,082 tenant-less properties nationwide.
This represented a 0.4% increase on November figures and a 0.3% increase on 2012 figures.
Perth led the increase as vacancies in the CBD reached a rate of 5.9% of all residential rental properties.
Western Australian mining towns Karratha and Port Hedland also recorded high vacancies rates, reaching 8% and 6.3% respectively.
Queensland towns with a strong resources industry also reached high vacancy levels, including Gladstone (11.1%), Townsville (8%) and Mackay (6.8%).
Brisbane and Canberra both saw increases of 0.6% in their CBD’s between 2012 and 2013.
Notably, Melbourne’s 3.4% vacancy rate for December marks the fifth consecutive increase in vacancies for this capital city and is now sitting above what SQM Research considers to be market equilibrium which is 3.0%.
The elevated vacancy rates are predominantly due to new supply on the market in inner city localities and can explain some of the surges in vacancies for these cities, said the report.

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  • jillian says on 21/01/2014 05:35:20 PM

    well I solved the problem somewhat on my one bedroom investment unit in Brisbane CBD.It wouldn't rent so I've moved in, at least for the time being. Am quite enjoying painting and tiling it myself in all the colors I like and buying all new appliances. Incidentally using loan money I borrowed to buy another one.

  • nickc says on 23/01/2014 09:46:10 AM

    I think if LL just reduced the price of rent by a fraction can make the difference of tenanted or not.

  • Dulong Ttil says on 24/01/2014 07:22:38 PM

    Japan has been applying an assertive Monetary Easing Policy, which drives the YEN downwards successfully. The immediate result shows that their Export and Tourism industries have picked up swiftly. Japan is now enjoying healthy export growth and has much more tourists visiting Japan.

    With the sound and robust stimulation by Japan’s Monetary Easing Policy (which in fact mainly injecting more printed notes into the market by their Central Bank), the Nikkei has soared from 10,398 to 16,291 just in 2013. Nikkei marks its best performance in forty years, and also the top performer among Asian markets in 2013. Analysts name this “Nikkei Ends Year on a High in Quiet Asia”. This is the power of an aggressive Monetary Easing Policy.

    Australia should consider this as a viable option to improve our economy outlook , so that our export can be improved instantaneously.

    A lower $A can help to improve our Export competitiveness, save the Australian farmers, exporters and manufacturers and reduce our trade deficit. It can also help to improve our Tourism industry, which was seriously damaged due to the high $A.

    Another thought is to engage a linked currency with USD, (e.g. A$1:US$0.80), which can give overseas investors good confidence in our economy stability.

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