Seasonal trends push national vacancy rate up

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Australia’s national vacancy rate recorded a jump over December thanks so seasonal trends, according to a report released yesterday.

The figures from SQM research have revealed there were 81,401 vacancies in Australia over December, putting the national vacancy rate at 2.7%

That figure is up from the 2.3% recorded during November; however, it is relatively similar to the 2.6% recorded in December 2014.

The December increase in the national rate was felt across the country, with vacancies rising in every capital city over the month.

The largest monthly increases were seen in Sydney, Darwin and Melbourne, with vacancies rising in the three cities by 0.4%.

Vacancies rose by 0.3% in Hobart, Canberra and Brisbane during December.

Source: SQM Research

While there are some seasonal factors at play in the latest figures, the report from SQM Research also says vacancies do appear to be trending up.

“While there is seasonality in these readings, it’s clear that the trend for vacancies is still on the rise,” the report said.

“This is as a result of a combination of factors including the strong upswing in residential dwelling construction which commenced back in 2013 and will continue on into 2016; as well as the commodities downturn which has hurt the economies of Perth and Darwin.”

According to the figures, four capital cities saw year-on-year vacancy rate increases in the 12 months to December.

Over the 12-month period Perth has seen the largest increase, with its vacancy rate up by 1.3% to 4.1%.

Over the same period, Darwin’s vacancy rate increased by 0.8% to 4.2%, while vacancies increased in Adelaide by 0.4% to 2.1% and 0.2% to 2.9% in Brisbane.

Melbourne has seen the largest decrease over the past 12 months, with its vacancy rate down to 2.8% from 3.2%, while Hobart’s vacancy rate decreased by 0.3% to 1.1%

Sydney and Canberra’s vacancy rates were identical in December 2105 compared to December 2014.

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