Rental vacancies flat in October

By Leith van Onselen

SQM Research has just released rental vacancy data for the month of October 2012, which revealed little change over the month:

The key points from the release are:

  • Nationally, vacancies stagnated during October, with a mere difference of 560 vacancies, coming to a total of 49,104 and a national vacancy rate of 1.8%.
  • Melbourne recorded the highest vacancy rate of the capital cities, revealing a vacancy rate of 2.8% and a total of 12,037 vacancies.
  • Perth recorded the tightest vacancy rate of the capital cities, revealing a vacancy rate of 0.6% and a total of 1,025 vacancies.
  • Canberra recorded the highest yearly increase in vacancies, climbing 0.5% to 1% since October 2011, coming to a total of 522 vacancies.
  • Darwin recorded the most substantial monthly increase, rising 0.2% to 0.7% during the month of October 2012 and coming to a total of 171 vacancies.
  • Hobart recorded the largest monthly decrease in vacancies, falling by 0.3% since September 2012.

Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.

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  1. can someone explain these numbers to me? there are cities where the number of rental vacancies went up but the percentage went down.
    in melbourne the number of rental vacancies increased by 388 but no change in percentage.

    is this because more rentals are coming onto the market?

  2. Why media still calls these numbers “rental vacancy”?
    These numbers do not show number of vacant rental properties. They show number of excess rental properties (not needed for any purpose including renovations and tenant changeovers).
    Number of vacant rental properties (rental properties where nobody lives in) is at least few percent higher.

    • Even the Canberra Realestate Times hasn’t gone so far as to spruik the latest ‘rental vacancies’ – they’d be slayed if they did.

  3. on oldlistings quite a few properties in inner melbourne are listed for same or lower weekly rent when compared to their 2010/11 listing

  4. Another chart that would go well with this one is the cost of rent between 2011 and 2012.

    A three bedroom apartment in Darwin has gone up from $500/ $550 to $700/750 in that year.

    Perth would be in the same situation, however Melbourne could have gone down due to possible over supply.

    Oh and Darwin’s 0.2% increase would be seasonal. The Build Up is here, Temperatures of 34C and 85% humidity traditionally drive people away to cooler climates at this time of year.
    Right now this city is hot and expensive.