SQM Research has released its rental vacancy data for November, which registered a 0.1% rise over the month but a 0.1% fall over the year:
As shown above, Sydney now has the highest vacancy rate in the nation followed by Darwin, which helps to explain their significant rental falls:
According to SQM Managing Director, Louis Christopher:
The rise in vacancy rates across most cities was expected in November as the year draws to a close and demand for rental accommodation drops. Sydney’s oversupply of rental accommodation continues, with the vacancy rate up from 3.2% a year ago. The city is still a renter’s market as is Darwin.
Our expectation is rental vacancy rates will rise again in December due to a seasonal decline in rental demand, predominantly driven by students returning back home.
Thus, Sydney’s rents should continue falling alongside booming prices, thus driving yields further into the gutter:
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