From SQM Research’s weekly newsletter comes the news that Melbourne’s rental vacancy rates again rose in the month of November, climbing to 3.4%:
According to SQM Research:
It seems that overall, rental vacancies remained reasonably steady throughout the country with the exception of Melbourne, whose vacancies continue to increase from month to month. SQM Research would now consider this capital city to be entering the territory of oversupply, recording a vacancy rate of 3.4% for the month of November and coming to a total of 12,367 vacancies.
Melbourne’s high levels of stale stock also further confirm that the city is currently undergoing an oversupply issue. Coming off the building boom that occurred in 2009 and 2010, the city has many ‘newly completed’ and ‘currently being constructed’ dwellings, but unfortunately not enough demand to meet the high levels of stock available.
The stars are continuing to align against the Melbourne housing market.
