Perth Vacancy Rates Breaks Record High

Figures released by SQM Research have revealed that the number of national residential vacancies increased during June, recording a rate of 2.5%, and 77,891 vacancies.

Key Points

• Nationally, vacancies increased during June 2016, recording a rate of 2.5%, based on 77,891 vacancies.
• Perth recorded the highest vacancy rate in June 2016 – 5.0% based on 10,190 vacancies. Year on year, Perth vacancy rates climbed 1.4 percentage points compared to this time last year (June 2015).
• Year on year, vacancy rates are down for Canberra, Hobart and Darwin.
• Canberra recorded the largest fall in vacancies, decreasing by 1.0% compared to this time last year (June 2015).
• Hobart recorded the lowest vacancy rate during June 2016 – 0.9% based on 249 vacancies.
• Over the past 12 months, Perth has recorded ongoing falls in asking rents of 9.1% for houses and 10.0% for units.

Year-on-year results demonstrate that national vacancy rates have climbed one percentage point from this time last year.

Source: www.sqmresearch.com.au

Perth recorded the largest monthly rise, with vacancies increasing by 0.3 percentage points during the month of June. 

On a year to year basis, Perth vacancies have climbed an alarming 1.4 %, to 10,190.

This represents a new high in the vacancy rate for Perth, according to SQM’s Vacancy Rates Index.

In contrast, yearly falls were recorded for Canberra, Hobart and Darwin, with Canberra vacancies decreasing 1.0% compared to this time last year (June 2015).

Hobart recorded a fall of 0.6 percentage points, based on 249 vacancies.

Darwin soon followed with a vacancy rate of 3.0% for the month of May, a yearly fall of 0.5%.

Asking rents

Notably, Perth has recorded ongoing falls in asking rents of 9.1% for houses and 10.0 % for units over the past 12 months. 

Yearly falls have also been recorded in Darwin, with asking rents down 2.7% for houses and 7.1% for units.

Hobart continues to record the most affordable rental accommodation with houses at just $343 a week, and units averaging $284 a week.

Nationally, asking rents are recording near zero changes with houses unchanged for the last 30 days, standing at $414 a week.

And units are down by 0.9% to $341 a week.

The rental market slump continues for Perth. Rents are now down in that city by 23% over the last three years.

Outside the current situation for Darwin, the rents haven’t fallen this much for any Australian capital city since the Second World War.