Renters facing tougher market
Hobart’s property market continues to outperform, as vacancies fall to their lowest on record.
New figures from SQM Research have revealed a tougher market for renters nationwide. The national residential vacancy rate fell to 2.1% in October, down slightly from 2.2% in September.
Hobart remained the tightest rental market in the nation, with a vacancy rate of just 0.3%.
“Hobart’s vacancy rate is now the lowest on record since SQM started recording data in 2005. In Adelaide, the vacancy rate dropped to 1.4% from 1.6% in September and down from 2.0% a year earlier. In Canberra, the vacancy rate dropped to 0.8% from 1.0% in September,” SQM managing director Louis Christopher said.
Renters faced a tough market in Sydney and Melbourne as well. Sydney’s vacancy rate edged down from 2.1% in September to 1.9% in October. In Melbourne, vacancies fell from 1.9% in September to 1.8% in October.
“The vacancy numbers highlighted tighter rental markets in many capital cities. We’ve seen big falls in Perth and Adelaide and even Brisbane appears to be recording a slight trend downwards right now. However, we expect vacancies to rise in November and December due to seasonality such as students finishing up their semester and heading home, which may take some pressure off rents,” Christopher said.