National residential property rental vacancy rates increased to 1.6%, up by 0.1% over December 2021.

Property RiseThe total number of vacancies Australia-wide now stands at 57,558 residential properties, up from 55,370 in November.

Canberra and Darwin vacancy rates increased to 1.0% and 1.2% in December up from 0.8% and 0.9% in November.

In Perth, Adelaide, and Hobart the vacancy rate remained below 1.0%, while in Sydney, Melbourne, and Brisbane rates remained constant.

Vacancy rates fell in the Sydney CBD and Melbourne CBD to 5.7%.

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Anthony Ishac, General Manager of SQM Research said,

“It is clear rental markets rebounded over 2021 across the country compared to this time last year, with every capital city market reporting a tightening of rental vacancies and rises in asking rents.

Despite the challenges of Covid-19 restrictions, demand for rentals increased over the year and coupled with a decline in available rental stock has placed upward pressure on asking rents.

Inner city and CBD rentals have continued to improve from the vacancy highs reported in 2020 and follow the same national trends.

The ongoing move towards regional living has seen rental markets tighten even further in noncity markets where in some major towns finding a rental home is no longer an option.

The outlook for 2022 is for rental markets to continue to remain tight until the anticipated easing in property prices takes effect providing some relief for renters.”

Rents

National asking rents rose 0.9% for houses to $556 per week and units remained constant at $416 a week.

Capital city rents rose by 0.8% for houses over the past 30 days to stand at $608 a week.

Rents for units rose by 1.2% to stand at $434 a week.

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