Increasing demand for rental properties in Australia has led to an overall increase in rents, according to SQM Research.
Overall, residential vacancy rates in Australia fell to 1.8%, with all capitals posting vacancy declines or remaining stable during the month.
Sydney and Melbourne saw the biggest drops in vacancy rates, with Sydney dropping from 3.1% to 2.9% and Melbourne from 4% to 3.7%.
"We are still seeing a decline in job vacancies everywhere, from the Mornington Peninsula in Victoria to the Gold Coast, to inland areas like the Murray areas in NSW and South Wales and South Wales. South Australia to the Northern Territory hinterland with Darwin resulting in rents as tenants compete for rental housing, ”said Louis Christopher, Managing Director of SQM Research.
Christopher said falling vacancy rates have led to higher rents. Weekly rents for housing in capital cities rose 2 percent in the week ending June 12.
Perth recorded the largest increase in weekly house rents at 5.8% while Darwin recorded the most substantial increase in unit rents at 5.9%.
"This trend is expected to continue into the second half of the year, given the fierce competition for rental housing in many areas," Christopher said.
The table from SQM Research below shows the evolution of vacancy rates:
Vacancy rates have fallen in most capital cities, pushing asking rents up.
Top Suburbs:
mortdale
,
belmont
,
new castle
,
Scarborough
,
alder
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