Vacancies fall slightly
SQM Research released its latest vacancy rates figures for the month of August 2024.
There were declines in vacancy rates over the month in Sydney, Adelaide, and Perth, while Canberra continues to have the highest capital city rental vacancy rate at 2.2 per cent.
Source: SQM Research
While Perth, Adelaide, and Darwin continue to have very tight rental markets, over the past few months there have been some signs of an easing in the rental pressures as average household sizes have adjusted higher.
Smoothing the past 6 months of data suggests a gentle uptrend for most capital cities, except perhaps for seasonally more volatile Darwin.
You can click to enlarge the image:
Nationally, asking rents rose by +0.4 per cent over the month, and +6.5 per cent over the year, with some variations around the country.
Louis Christopher of SQM Research reported that there remains a severe shortage of rental properties, but with the market having adjusted the days of 10 to 20 per cent rental price inflation are now likely to be behind us.
You can read the full media release from SQM Research here.
ausbiz TV
In other news, I discussed all around the property news around the traps in 6 mins with Nadine Blayney on ausbiz TV.
Tune in here (or click on the image below):
