Rental vacancies increase over December

Recently released figures from property advisory and research house SQM Research show that the residential rental vacancy rate increased by 0.4 per cent on a national level in December 2012, taking the total number of national rental listings to 63,089, and the national vacancy rate to 2.3 per cent. 

The December statistics show a second consecutive monthly rise in rental vacancies, following   periods of modest declines and stagnation in the months preceding November.

SQM Research noted – however, that when the December figures were compared to those of the corresponding period of the previous year (December 2011), there was very little to no change in vacancies. 

SQM Research put the surge in vacancies over the December period down to seasonal factors – namely the fact many university students had vacated student accommodation or rental properties situated near their respective campuses, due to the end of year break.

 “At this time of year, seasonality really can have an impact upon vacancy rates and overall property listings, and this year has proven to be no exception,” said Managing Director of SQM Research, Louis Christopher.

“SQM Research does not seasonally adjust its numbers because we are of the opinion that the use of the data actually receives more value from observing the seasonal change that occurs in the property market.” 

According to the report, rental vacancies increased in all of Australia’s mainland capital cities over December 2012, with Melbourne recording the highest vacancy rate of 3.6 per cent.

The only capital city in which rental vacancies decreased was Hobart, where the vacancy rate fell from 2.1 per cent to 2.0 per cent, with 549 properties available for rent.

For more information on market conditions in your area, please contact your local CENTURY 21 Real Estate Agents, for clear and expert advice.

Posted by Charles Tarbey on 29/01/2013 at 12:00 AM | Categories:


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