Across Australia the residential vacancy rate has remained unchanged at 2.1% in April 2018, with the number of vacancies sitting at 67,854 properties, according to data released by SQM Research this week.
Take a look at how the capital cities have fared this year in comparison to the previous year;
- Nationally, the vacancy rate was steady at 2.1% in April from March but down from 2.4% a year earlier.
- Perth recorded the highest vacancy rate of the capital cities at 4.1% in April, but that was down from 5.2% a year ago as the surplus of rental properties eases.
- Hobart recorded the lowest vacancy rate of 0.7%.
- Melbourne’s vacancy rate was 1.3%, down from 1.4% in March.
- Sydney’s vacancy rate was steady at 2.3%, but up from 1.7% a year earlier.
Rental prices take a hit:
Capital city asking rents for houses fell over the month to May 2018 by 1.6% to $554 a week.
Unit asking rents rose 0.5% to $445 a week.
Over the year, asking house rents fell by 0.2%, which could give some relief to renters, including in Sydney and Perth, where asking house rents are down by 1.6% over the year.
Still, the asking rent for a three-bedroom house in Sydney remains the highest in the nation at $726 a week while for units it stands at $525.
Canberra follows at $619 a week for houses and $442 for units.
In Melbourne, asking rents for houses were down over the month by 0.7% to $534 while unit asking rents rose by 0.7% to $410.