Sydney’s vacancy rate has remained at its highest level in 13 years, allowing local residents a surplus of rental properties in Australia’s largest city.
The harbour city’s vacancy rate remained unchanged at a 13 year high of 2.8 per cent, with tenants drawn to more affordable housing options and economic conditions interstate.
Latest SQM data reveals Sydney has 19,469 properties available for rent.
Proving Australia’s mixed property markets, Hobart recorded the lowest vacancy in the country of 0.4 per cent.
SQM research director Louis Christopher described Hobart’s rental situation an “extreme shortage” with just over 100 properties available.
“Hobart rents have already been rising well above the national average for the past three years and I think that is likely to continue for the foreseeable future as the construction pipeline is not keeping up with underlying demand,” Christopher said.
“There is a similar situation in Canberra…This is a timely reminder that we have a mixed national housing market overall.”
Canberra’s vacancy rate tightened to 0.6 per cent, down slightly from the previous month, and a drop from one per cent a year ago.
Across the country, Perth’s vacancy rate dropped to 3.6 per cent from 3.7 per cent in August, reflecting an absorption of the oversupply of rental properties reflecting recovery signs for Perth’s market, the data is notably down from 4.9 per cent a year ago.
Melbourne’s vacancy rate inched higher to 1.7 per cent in September.
Brisbane’s vacancy rate increased ever so slightly to 2.9 per cent from 2.8 per cent the previous month, this is down from 3.5 per cent a year ago.
Darwin’s vacancy rate increased to 3.6 per cent from 3.5 per cent, while Adelaide slipped to 1.1 per cent.