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THOUSANDS of students converging on universities and tertiary institutions have helped push vacancy rates down across the capitals, latest data has found.
Nationally, vacancies fell to 2.3 per cent in January, down from 2.5 per cent in December — with the number of vacancies dropping to 74,113, according to SQM Research data out today.
Brisbane was the second best place for students and workers to be househunting for rentals in January of all the capitals, with 11,505 vacancies. Only Sydney had a greater number of properties vacant in the month (15,775). Brisbane posted a 0.2 percentage point drop compared to December, falling to 3.6 per cent — the same as it was last January.
SQM Research head Louis Christopher said the tighter rental markets in most capital cities was to be expected in the first month of the year.
“We’ve seen falls across all cities, as students prepare for their first semester of study and lease new homes, and workers also secure new rentals,” he said.
Pity the students trying to find accommodation in Hobart which was the tightest of all rental markets with a vacancy rate of 0.4 per cent, up slightly from a record low of 0.3 per cent in December. Canberra was also tight at 0.9 per cent, along with Adelaide 1.5 per cent, Melbourne 1.8 per cent.
Sydney’s vacancy rate was 2.3 per cent, with Darwin on 3.1 per cent but the best place to seek out rental deals was Perth, which posted the highest vacancy rate of the capitals at 4.4 per cent in January — down 0.7 per cent compared to the same time last year.
“We are seeing very tight rental conditions in Hobart, which is putting strong upward pressure on rents,” he said. “While Sydney’s vacancy rate has dropped, it is still well up on levels this time last year. If the vacancy rate holds at this level in coming months, Sydney will be more of a tenant’s market in 2018 and rental growth could continue to ease.”
CAPITAL CITY RENTAL VACANCY:
Hobart 0.4 per cent: 126 vacancies
Canberra 0.9 per cent: 569 vacancies
Adelaide 1.5 per cent: 2,793 vacancies
Melbourne 1.8 per cent: 9,744 vacancies
Sydney 2.3 per cent: 15,775 vacancies
Darwin 3.1 per cent: 941 vacancies
Brisbane 3.6 per cent: 11,505 vacancies
Perth 4.4 per cent: 8,909 vacancies
National 2.3%: 74,113 vacancies