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Rental vacancy rates on the rise - SQM Research; At this stage the market is increasingly favouring tenants across the country
Topic Started: 17 Jul 2014, 10:41 AM (1,875 Views)
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SQM Research Vacancy Rates July 2014

Figures released by SQM Research this week have revealed that the number of residential vacancies nationally decreased very slightly during July, recording a stable vacancy rate of 2.3%nationally, and 67,190 vacancies. This result is indicative of the longer term trend of higher vacancy levels around the country, despite a minor dip in listings in absolute terms. Higher vacancies of course, allude to an increase of supply in the rental market, shifting the balance of power from landlords to tenants.

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Each capital city continues to tell its own unique story, with Perth and Darwin’s vacancies soaring since this month in 2013, and Hobart’s dropping substantially over the same period. Sydney has remained steady, revealing no yearly change and similarly, Melbourne has recorded a vacancy rate of 2.6% - identical to its July 2013 vacancy rate.

These steady figures are in line with the sentiment of landlords over the past year, with SQM Research’s Asking Rents Index revealing that rental asking prices have only lifted by 0.7% for houses on a national level and 0.6% for units on a national level since the same week in 2013. This reveals that the expectation of landlords has stagnated on a national level, with Darwin and Sydney being the only two capital cities to record substantial increases in asking rents since this time last year, and Perth and Canberra both recording considerable decreases during the same period.

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