Brighter in Brisbane for landlords
Brighter news for Brisbane landlords as the vacancy rate declined to 3 per cent from 3.7 per cent a year earlier, according to SQM Research figures reported yesterday.
Asking rents for Brisbane units increased by +0.4 per cent in the month, too, mainly driven by the upper end of the market (renting good quality property in inner Brisbane still doesn't come cheap, despite the soft market overall).
Brisbane appears to have a turned a corner as population growth picks up and dwelling commencements now decline sharply.
The 6mMA figures attempt to capture the latest trends, but do incorporate the Christmas period, when vacancy rates tend to be high.
Hobart appears to be through the worst for renters with vacancy rates rising slightly to 0.7 per cent.
Adelaide is building plenty of houses, but hasn't experienced the surge in investors seen in the larger cities, and accordingly vacancy rates keep tightening, now down to 1.3 per cent.
Melbourne was also tighter again on strong population growth at 1.3 per cent.
Sydney's vacancy rates was flat at 2.3 per cent in the month, but plenty higher than a year earlier when it was 1.7 per cent, while Perth continues to turn the corner.