The share of unoccupied rental properties in capital cities increased in October, with a city exerting upward pressure on the overall vacancy rate, according to the latest report from SQM Research.
The vacancy rate during the month rose to 2.1%, as vacancies reached 74,221. While most capitals reported a stable vacancy rate during the month, Melbourne recorded a significant increase from 3.8% to 4.4%. This makes Melbourne the capital with the highest vacancy rate in Australia. In the city, the central business district had the highest rental vacancy rate at 10.6%.
Sydney also reported a slight increase in the vacancy rate, from 3.5% to 3.6%.
The table below shows the vacancy rates in each capital:
Louis Christopher, managing director of SQM Research, said rental vacancy rates remain high in major cities while regional locations continue to show near zero levels.
"I think the ongoing phenomenon, which started at the start of the lockdowns, will partly reverse once the coronavirus is behind us. But we're not there yet and there is also has a great possibility that there is only part of it reversing, as I believe many have used the COVID-19 epidemic as a catalyst for a change in the mode of longer term life, ”he said.
With vacancy rates remaining high, rents continued to fall, particularly in city centers.
"For those who come back to live in a city, there are some great deals to be had," said Christopher.
The table below shows the variations in rents in the capital cities:
Top suburbs:
Harris park
,
Goulburn
,
berala
,
melton
,
balga
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