Rental markets in capital cities remained tight in June as vacancy rates declined and prices skyrocketed, according to the latest figures from SQM Research.
The national vacancy rate fell to 1.7% during the month of June, which was the lowest vacancy rate since 2011. Sydney, Melbourne, Adelaide and Hobart all saw lower vacancy rates. vacancy.
Melbourne recorded the largest decline in the vacancy rate during the month, from 3.7% to 3.5%. Hobart and Darwin had the lowest vacancy rate at 0.4%.
"Rental vacancy rates have plummeted in our largest capitals. In the meantime, there was further evidence that we have reached the peak of regional occupancy and some Relief for local tenants could come later this year, despite Sydney's latest foreclosure, "said Louis Christopher, managing director of SQM Research.
Given the continued tension in the rental market, asking rents increased 1.8% for homes and 1.7% for units nationwide. The capitals recorded more substantial gains, up 7.7% for housing. However, unit rents were still trending downward, down 0.5% during the month.
"Rents are now accelerating in our major capitals, which could have ramifications for the CPI read over the next few quarters," Christopher said.
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