Vacancies rise a little in Canberra
Rental vacancies ticked up from 1 per cent to 1.1 per cent in April, which might be seasonality or noise, or could reflect the early signs of a slowdown for the rental market.
Canberra's vacancy rate rose to 1.7 per cent, the highest capital city rental vacancy rate, and Hobart saw a rise to 1.4 per cent, and asking rents declined a little in in both of these cities in April.
SQM Research released it latest figures as follows:
Source: SQM Research
The trend over the past six months has been for somewhat elevated vacancies in Darwin, Canberra, and Hobart, and very low vacancy rates across the other 5 capital cities.
Asking rents rose by a slightly slower +0.5 per cent in April, to be +10 per cent higher over the year, possibly suggesting an easing in inflationary pressures ahead.
In Sydney, unit prices have been rising at double the pace of house prices of late, driven by affordability constraints for houses and curtailed borrowing capacities, and perhaps this has taken some of the tenants out of the rental pool.
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The Australian Bureau of Statistics released the overseas arrivals and departures figures for March, which showed a slight easing.
That said, over the quarter permanent and long-term arrivals were a record +365,000, and after accounting for long-term departures the net figure was +195,000, which is obviously massive.
Short-term visitors are recovering well, but still remain some way below 2019 levels.
Source: ABS
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