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Tuesday, 17 December 2019

Vacancy rates up seasonally in November

Perth turnaround

Rental demand tends to soften in November, according to SQM Research, and vacancy rates increased accordingly from 2.1 per cent to 2.2 per cent. 

Nationally, the vacancy rate of 2.2 per cent was slightly lower than the 2.3 per cent recorded a year earlier, although the total number of vacancies was broadly similar at ~76,000. 

Melbourne's vacancy rates has started to drift a little higher as apartment completions hit home, while Sydney still has the highest vacancy rate in the nation. 

The most notable change over the past year has been in Perth where the vacancy rate is now 2½ per cent, well down from 3.4 per cent a year earlier. 

Expect vacancy rates to spike over Xmas as international students return home, before retracing in the new year.

Vacancies are extremely low in Hobart, where many landlords have taken to Airbnb to maximise rental income.