Rental market normalising
Louis Christopher of SQM Research updated the latest total rental listings figures to late September today.
Rental listings are finally beginning to rise again, with vacancies in and around Melbourne CBD running at relatively high levels until tenants are willing and able to sign leases again.
Source: SQM Research
It's been a very interesting year for rental vacancies.
Total listings peaked at a heady 105,517 on May 1 this year, after an initial surge driven by COVID uncertainty.
But listings then fell continuously for four consecutive months, to the extent that listings were actually 8 per cent lower than a year earlier at just 85,514.
Things now appear to be normalising at 87,099, at least in aggregate, with total listings only 2 per cent lower than at the same time last year.
At the local level different patterns have emerged and are emerging.
High-rise and inner-city units have been far less in favour this year, notably with double-digit vacancy rates in Melbourne CBD, but elsewhere the rental stock is being taken up relatively speaking much more quickly.
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A dozen lenders have cut their mortgage rates for owner-occupiers and investors this week, ahead of expected easing.
12 lenders now offer mortgage rates from under 2 per cent.
More from RateCity here.
