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Rental vacancy rates remain tight for most of the country despite a recent national apartment-building boom, new figures show.
The report from Domain reveals Australia is experiencing tight vacancy rates and weekly rents in most capital cities have risen.
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Hobart recorded the greatest gains in weekly rents over the past 12 months as houses climbed 6.1 per cent to $350 and units rose 5.6 per cent to $285. Vacancy rates in Hobart tightened to 0.6 per cent for houses and 1.6 per cent for units.
In Canberra, houses rose 5.6 per cent to $475 and units climbed 3.2 per cent to $400. Despite the increase of vacancy rates to 1.0 per cent for houses and 2.0 per cent for units, Canberra’s vacancy rates remain tight, suggesting rents could continue to climb in the near future.
Melbourne houses increased by 2.6 per cent to $400 and units rose 2.7 per cent to $380, while vacancy rates increased to 1.7 per cent for houses and 2.7 per cent for units.
Adelaide’s houses jumped 1.4 per cent to $355 and units fell by 1.7 per cent to $285. However, vacancies remain tight at 1.8 per cent for houses and 2.3 per cent for units.
Sydney’s houses rose 1.0 per cent to $530, while units climbed 5.0 per cent to $525. Vacancy rates in Sydney eased slightly to 1.9 per cent for houses and 2.3 per cent for units.
In Brisbane, houses remained steady at $400, while units increased 1.4 per cent to $375. Vacancy rates eased, increasing 2.6 per cent for houses and 3.3 per cent for units.
Houses in Perth fell 9.3 per cent to $390 and units dropped 10.7 per cent to $335. Vacancy rates are the highest of all capital cities at 4.3 per cent for houses and 4.8 per cent for units.
In Darwin, houses dropped 8.3 per cent to $550 and units decreased by 12.0 per cent to $440. House vacancy rates tightened to 2.1 per cent, while unit vacancy rates increased to 4.4 per cent.
Domain chief economist Andrew Wilson said that while conditions have eased for tenants in many capital cities, the underlying demand for rental properties remains ahead of supply.
“Fewer investors have intensified property shortages, while low numbers of first home buyers and migration have fuelled a rising demand for rentals,” he said.
[Related: Decline in house rents largest on record]
