The residential vacancy rate at the national level remained stable at 2.2% in February, with a total of 72,333 vacancies across the country. Rents demanded in the capital, meanwhile, fell by 0.2% for homes and units between the month and the end of March, according to data from SQM Research.
Adelaide is the only capital city to increase its vacancy rate over the period from 1.1% to 1.2%. This resulted in 2,197 properties available for rent in February.
In contrast, Brisbane, Canberra, Darwin and Hobart recorded a slight 0.1% drop in the vacancy rate. Melbourne slipped 0.2% over the month to 1.7%.
Vacancy rates in Sydney and Perth remained unchanged at 3.2% and 3%, respectively.
The report revealed that Hobart's vacancy rate remained the lowest of all capitals at 0.4%. Darwin ranked first among all capitals at 3.7%, followed by Sydney at 3.2%.
"The stability of job vacancies in February (is) due largely to a seasonal effect of the fact that students and workers moved into new rental housing for the beginning of the year. Vacancy rates rise in 2019, driven by some 200,000 units expected to be completed this year, which is well above our estimate of the underlying demand for approximately 170,000 homes, Sydney, Melbourne and Canberra will likely see the bulk of the increase in vacancies, "said Louis Christopher, CEO of SQM Research. ]
Rents charged in the capital decreased by 0.2% for homes and units, rising to $ 559 per week for homes and $ 441 per week for units.
Weekly rents in Adelaide and Hobart increased for both houses and units, with Hobart homes recording the largest increase of 4.5% for homes and 1.8% for units.
Sydney, Brisbane, Canberra and Darwin recorded minimal declines in rents for homes and dwellings.
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