Rental market eases further
Rising vacancy rates are taking pressure off rents.
Figures from SQM Research show the national residential vacancy rate rose in November, up to 2.5% from 2.3% in October. The vacancy rate saw its largest rise in Brisbane, up from 3% in October to 3.3% in November.
According to SQM Research, vacancies also edged up in Sydney and Melbourne. Sydney’s vacancy rate rose from 1.7% to 1.9%, while Melbourne’s rose from 1.9% to 2.1%.
Though Sydney remains the nation’s most expensive rental market with a median asking rent of $736 a week for houses and $509 a week for units, SQM Research said the rising vacancy rate was taking pressure off rents. Asking rents for Sydney houses fell 0.4% for the month, while unit asking rents were down 0.3%.
Hobart and Canberra remained the nation’s tightest rental markets. While vacancies rose slightly in Canberra, they still sit at just 1.2%. Vacancies edged up marginally in Hobart as well, from 0.5% to 0.6%.
In spite of its tight rental market, Hobart remains the most affordable capital city for house rentals, with the median asking rent for houses at $352.10. Adelaide was the most affordable capital for units, with a median asking rent of $287.80.
On a year-on-year basis, asking rents were up across all capital cities with the exception of Perth and Darwin, and houses in Brisbane. Perth has seen the most pronounced declines, with asking rents for houses down 11.7% and asking rents for units down 10.7%.