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Bad news for Landlords - vacancy rates are on the way up

Bad news for Landlords - vacancy rates are on the way up

A three-bedroom home at Anstey St, South Perth is listed for rent for $690 a week. Picture: realestate.com.au.

FINDING a rental property has gotten a little bit easier with new figures revealing a lift in vacancy rates, particularly in one capital city.

Nationally vacancy rates rose to 2.5 per cent during June, according to SQM Research. The figure was about one per cent higher than at the same time last year.

Perth recorded the biggest jump in vacancy rates during June, up by 0.3 per cent to 5 per cent.

A vacancy rate of about 3 per cent vacancy is usually considered to be equilibrium.

The latest figures from SQM Research revealed Perth’s vacancy rates had increased by 1.4 per cent since this time last year.

According to SQM’s Vacancy Rates Index it is a new high in the vacancy rate for Perth.

At the same times rents have taken a dive in the city. With house rents for June down 9.1 per cent and units 10 per cent.

SQM Research managing director Louis Christopher said rents were down in Perth by 23 per cent in the past three years.

With vacancy rates lifting it may be easier to find a rental property in some capital cities.

Image Source:ThinkStock

With vacancy rates lifting it may be easier to find a rental property in some capital cities.

“Outside the current situation for Darwin, I don’t believe rents have fallen this much for any Australian capital city since the Second World War,’’ he said.

Hobart had the lowest vacancy rate in Australia of 0.9 per cent, followed by Canberra 1.2 per cent and Sydney 1.8 per cent.

Adelaide’s vacancy rate continued to sit at 2 per cent, Melbourne was 2.1 per cent, Brisbane 2.8 per cent and Darwin 3 per cent.

House rents dropped in Darwin by 2.7 per cent and units 7.1 per cent. Brisbane house rents also dropped by 0.4 per cent while units rents rose slightly by 0.5 per cent.

Hobart experienced the biggest jump in asking rents with houses up by 8.7 per cent and units up by 1.9 per cent.

Melbourne house rents rose 1.5 per cent and units 4.2 per cent, Sydney house rents rose 2.1 per cent and units 5.3 per cent while Adelaide house rents rose 1.1 per cent and units 1.3 per cent.

Read the full article at News.com.au

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