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Tuesday, 18 June 2019

Vacancy rates fall in May

Vacancies lower

The national rental vacancy rate declined from 2.3 per cent to 2.2 per cent in May 2019, according to SQM Research. 

In Sydney the vacancy rate ticked down from 3.4 per cent to 3.3 per cent, but that's now the equal highest in the nation together with Darwin as the harbour city works through the final phase of its apartment construction boom.

Of around 75,000 vacancies nationally, about 24,000 are located in Sydney. 

Elsewhere, vacancy rates continue to trend lower in Brisbane (2.4 per cent), Perth (3.1 per cent), and notably Adelaide, which now has a vacancy rate of just 1.1 per cent. 

The rental market remained extremely tight in Hobart with a total of just 143 rental vacancies in May, for a rental vacancy rate of only 0.5 per cent. 

Rental price growth has been very subdued as the apartment completions have rained in.

But the estimated resident Aussie population has quietly ballooned to well beyond 25.4 million, and the construction pipeline is now shrinking fast.