RESIDENTIAL PROPERTY
NATIONAL vacancy rates held at 1% over November, while Sydney, Canberra and Darwin all saw increases over the month.
According to SQM Research, over November there were 31,924 residential rental vacancies available across the country, up from October’s 30,929 vacancies.
While all capital city markets remained very tight over the month, Canberra recorded a 0.3% rise to 1.4%, followed by Darin up 0.2% to 1.2% and Sydney up 0.1% to 1.4%.
While Melbourne again had the highest vacancy rate, sitting steady at 1.5%, Perth had the lowest at just 0.4%, followed by Adelaide up 0.1% to 0.5%, Hobart up 0.1% to 0.6% and Brisbane steady at 0.8%.
The Sydney and Melbourne CBDs both saw declines over the month to 3.2% and 2.5% respectively, while the Brisbane CBD recorded an increase to 1.4%.
SQM noted CBD vacancies have returned to more normal levels of occupancy or sitting just under long-term averages, after reaching as high as 16% during national COVID-19 lockdowns.
“As 2022 draws to an end, the rental market across our capital cities remains very much in favour of ...
Louis Christopher, managing director at SQM Research.
“There are also some regional localities outside the capital cities recording an easing of their respective rental markets, however this is not yet the majority of regions.”
NSW’s Blue Mountains, for example, have seen rates rise from record low levels of 0.5% in March this year to current rates of 1.5%.
NSW North Coast, Gold Coast North, Ipswich, North Queensland, Gippsland, and several outer ACT areas also witnessed easing conditions.
Meanwhile in the 30 days to 20 December 2022, capital city asking rents were up again by a further 1.5%, reflecting a 12-month increase of 25.1%.
With the national median weekly asking rent for a swelling now at $551.57 per week, national rents including all regions are up 17.5% for the 12-month period.
Sydney saw the greatest weekly rent for a house at $889.21/week while Adelaide units saw the best affordability at $502.61/week.
For the combined markets, Sydney is again seeing the highest weekly rents at $711.65/week, up 1.5% for the month and 28.9% for the year.
Canberra followed with $650.19, Brisbane with $576.47, Perth with $573.91, Darwin with $551.61, Melbourne with $525.11 and finally Adelaide with $502.61.
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