Rents in most capital cities have continued to decline despite the tight rental market, according to SQM Research.
Charged rents in capital cities have, on average, decreased by 1.1% for houses and 0.7% for units. Hobart recorded the largest drop in unit rents at 4.3%, while Sydney recorded the largest drop for homes at 1.7%. Only Perth and Darwin reported increases in house and rental rents.
"Rents in Sydney and Melbourne continue to fall, providing rental opportunities for tenants who have chosen to stay in town," said Louis Christopher, managing director of SQM Research.
The table below shows the weekly rents in the capitals for the week ending September 12:
The decrease in rents is due to the decrease in the vacancy rate. The national vacancy rate fell to 2% in August, down from 2.1% the previous month and 2.2% the same month last year.
Of all the capital cities, only Melbourne reported a higher vacancy rate in August, from 3.1% to 3.4%. This could be due to the lockdown of the fourth stage in Victoria, Christopher said.
"There are now 2,145 additional vacant properties in Melbourne as the Fourth Stage foreclosure continues," he said.
Of all the central business districts (CBD), Sydney CBD recorded the highest vacancy rate with 12.9%. However, this was a drop from Sydney's historic high of 16.2% CBD recorded in May. Melbourne's central business district, on the other hand, posted its highest vacancy rate ever at 10%.
This was the opposite of what was happening in most regional locations where vacancy rates continue to decline. Christopher said this highlights the ongoing shift in life from the interior of the suburbs to areas that provide more space and distance for homeowners.
"The transition to regional life continues at a steady pace, largely at the expense of higher rental vacancy rates in city centers. I suspect this development will soon see a climax. However, I Also suspects that there will be a degree of permanence with the massive displacement of the population, "he said.
Top suburbs:
Springwood
,
Newcastle
,
Dulwich Hill
,
mt lawley
,
bendigo
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