July 15, 2024

Vagmare.com

The Intersection of Information and Insight

The Latest Rental Vacancy Rates around Australia

3 min read

SQM Research recorded that the vacancy Rates for residential properties across Australia rose to 1.1% in November.

This upturn was driven by 3,164 additional vacant properties nationwide, bringing the total to 33,471.

The market conditions remain challenging for renters.

In the preceding month, most capital cities saw a marginal rise in vacancy rates.

Specifically, Sydney, Melbourne and Darwin reported increases, registering rates of 1.4%, 1.3%, and 1.8%, respectively.

Conversely, Hobart was the only city to experience a decline, with vacancy rates decreasing to 1.2%.

The rental vacancy rate in Sydney CBD rose from 0.8% to 4.6% in November.

Similarly, Melbourne CBD and Brisbane CBD also witnessed increases in their rental vacancy rates, now standing at 5.1% and 2.2%, respectively.

Most regional areas recorded stable rental vacancy rates during the period.

The North Coast NSW steadied after recent rises to stand at 1.2% and the Sunshine Coast also remained steady at 0.9%.

In contrast,  Blue Mountains recorded a decrease to 1.0%.

Vacancy Rates – November 2023

City Nov 2022 Vacancies Nov 2022 Vacancy Rate Oct 2023 Vacancies Oct 2023 Vacancy Rate Nov 2023 Vacancies Nov 2023 Vacancy Rate
Sydney 10,048 1.4% 8,368 1.2% 9,994 1.4%
Melbourne 7,721 1.5% 6,092 1.2% 6,671 1.3%
Brisbane 2,745 0.8% 3,132 0.9% 3,482 1.0%
Perth 752 0.4% 683 0.4% 823 0.4%
Adelaide 766 0.5% 722 0.4% 793 0.5%
Canberra 819 1.4% 1,027 1.7% 1,063 1.8%
Darwin 305 1.2% 368 1.4% 471 1.8%
Hobart 158 0.6% 373 1.3% 320 1.2%
National 31,924 1.0% 30,307 1.0% 33,471 1.1%

Asking Rents

In the 30 days leading up to December 12, 2023, asking rents in capital cities increased by 0.3%, contributing to a notable 14.7% rise over the past year.

Specifically, house rents in capital cities rose by 0.6%, with a 12-month increase of 14.9%, while unit rents showed a decline of 0.2% over the last 30 days and a 14.4% rise over the past 12 months.

The national median weekly asking rent for all dwellings is $604.55 a week.

The capital city asking rent for all dwellings is $692.74 a week.

The median rent for a capital city house is $803 a week while the rent for a capital city unit is $596 a week.

The most expensive rent is Sydney houses at $1,011.29 a week.

Units in Adelaide remain the most affordable at $439.12 per week.

Sydney has seen a slight dip in rents, with a decrease of 0.1% for all properties in the last month.

Moreover, asking rent for combined dwellings in Darwin has continued to drop by 2.6%, mainly influenced by a notable decline of 4.9% in the rent for all houses.

Sydney

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $1,011.29 -9.29 -0.1% 14.2%
All Units $679.66 1.34 0.0% 16.2%
Combined $814.40 -2.98 -0.1% 15.2%

 

Melbourne

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $714.49 4.51 1.8% 18.7%
All Units $517.54 -1.54 -0.6% 11.9%
Combined $598.60 0.95 0.6% 15.2%

 

Brisbane

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $703.78 3.22 -0.2% 10.8%
All Units $556.09 2.91 1.2% 14.5%
Combined $637.31 3.08 0.3% 12.3%

 

Perth

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $744.32 6.68 1.1% 17.0%
All Units $567.27 4.73 2.5% 18.6%
Combined $670.25 5.87 1.6% 17.6%

 

Adelaide

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $612.20 5.80 1.2% 12.7%
All Units $439.12 -5.12 0.3% 11.8%
Combined $552.49 2.04 0.9% 12.5%

 

Canberra

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $733.13 3.87 1.5% -3.3%
All Units $566.71 -1.71 -0.3% 0.5%
Combined $642.97 0.85 0.6% -1.5%

 

Darwin

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $704.27 -6.27 -4.9% 6.7%
All Units $454.45 -2.45 -0.2% -1.4%
Combined $555.49 -4.00 -2.6% 2.6%

 

Hobart

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $536.50 11.50 2.2% 0.5%
All Units $466.23 0.77 2.3% -0.8%
Combined $508.23 7.19 2.2% 0.0%

 

National Rental Vacancy Rates

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $672 1.00 0.6% 8.4%
All Units $527 3.00 1.7% 11.7%
Combined $604.55 1.93 1.1% 9.7%

 

Average Capital City Rental Vacancy Rates

Property type Weekly rent Chg on prev wk ($) Δ Monthly Δ Annual
All Houses $803 1.00 0.6% 14.9%
All Units $596 1.00 -0.2% 14.4%
Combined $692.74 1.00 0.3% 14.7%

Next Update: 20 December 2023

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © All rights reserved. | Newsphere by AF themes.