Vacancy rates seasonally lower
Vacancy rates fell everywhere in January, except for Hobart which is already remarkably tight with a vacancy rate of only 0.5 per cent, or 144 vacancies.
In Sydney the vacancy rate fell from 3.6 per cent to 3.2 per cent in January, but the trend has been strongly higher over the past year as the construction cycle peaks, especially in regions such as Epping and the Hills District, Parramatta, and south-western Sydney.
Notably Perth is now tightening apace, with a lower vacancy rate than Sydney, while Adelaide looks set to reach a tight rental market some time later this year.
Brisbane looks set to balance out this year as apartment construction slows down.
Melbourne is the most interesting market to watch this year, and we're already hearing of multiple tenant applications on inner-ring houses, but the apartment market is often an altogether different story.
