RESIDENTIAL PROPERTY

Hobart takes back the mantle

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HOBART reclaimed the title of the country’s tightest housing rental market, as the national rate stabilised further after an 80-basis-point rise in April.

Vacancies remained unchanged in in June at 2.2%, according to data from Domain.

Rates were broadly steady in Melbourne, Sydney and Brisbane, while Hobart, Perth and Darwin saw the biggest falls.

Melbourne saw a rise for the fourth consecutive month, increasing 10 basis points to 3%, due to an additional 852 properties becoming vacant over the month, and is almost double where it was heading into the pandemic. Its vacancy rate has lifted 130 basis points over the year.

Sydney’s vacancy rate remained at 3.6% but remains 50 basis points higher than one year ago and 90 basis points higher than March. There were an estimated 22,665 vacant rentals across the city.

Vacancies in Hobart firmed by 30 basis points to 0.9%, and are now 50 basis points lower since April. While tightening over the past couple of months, the vacancy rate is 50 basis points higher than one year ago.

In Brisbane, the vacancy rate held steady at 2.4% and is up slightly over the year.

Perth’s vacancy rate continued to trend downwards. It fell 30 basis points to 1.5%, and is now 160 basis points lower than one year ago.

Adelaide became to second-tightest rental market in the country as vacancies tightened from 1.1% to 1.0%. Canberra’s vacancy rate fell by 20 basis points to 1.1%, matching year-on-year figures. Darwin fell 60 basis points to 2.2%, 130 basis points lower 12 months ago.

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