Rental vacancies fall back to 1.2pc

Rental vacancies drop

Rental vacancies fell from 39,665 in August to 37,932 in September, according to SQM Research.

This represented a decline in the national rental vacancy rate from 1.3 per cent to just 1.2 per cent.

The declines were driven by Perth, Canberra, Hobart, and regional Australia.

Asking rents rose more modestly be +0.5 per cent over the month to be +5.4 per cent higher over the year.

The rental market seems likely to get very crowded towards the end of the year.

Louis Christopher, Managing Director of SQM Research said: 

“National rental vacancy rates fell slightly again in September, and we are expecting another fall in October. However, this will mainly be a seasonal change and so, we are not anticipating a reacceleration of rents for now, which have eased in recent month. 

However, the national rental market remains in severe shortage and barring some exceptions, is not expected to materially soften out of the rental crisis for some years. Ongoing strong migration growth, initially forecasted by SQM to materially slow in 2024 towards Federal Budget targets, has not materially slowed. 

Total population expansion for this current calendar year is now expected to be higher than 500,000 people; and so, this rapid population growth will continue to keep pressure on the rental market.” 

You can read SQM's full media release here.

The Housing Industry Association reported that new home sales remained depressed last month, keeping supply tight:

Source: HIA

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