Rental vacancy rates fell across most capitals in July, indicating strong competition among tenants for available homes is likely to keep upward pressure on rents.
Vacancy rates for units in Melbourne have fallen from 2.5% in July 2016 to 1.7%, while houses remain stable at 1.4%. Both houses and units in Sydney remain stable at 2.1% and 2.2% respectively.
The Brisbane rental market remains more tenant-friendly with July vacancy rates for houses steady at 2.7% and units down slightly over the month to 3.1%.
Rental accommodation in Hobart and Canberra remains scarce with rates in those cities below 1%.
Perth has improved, the house vacancy rates there shrinking from 4.3% in July 2016 to 3.5% and the unit rates decreasing from 5.0% to 4.1% over the same time.
By Terry Ryder – Australia’s Leading Independent Property Researcher