Vacancies stagnate in May

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Vacancy rates have stagnated in May, with a tight rental market driving competition among tenants.

SQM Research figures show the national vacancy rate remained steady at 1.8% for May. Vacancies were up only 0.2% for the year.

No capital cities saw increased vacancies for the month, and vacancies dipped slightly in Brisbane, Darwin and Hobart.

"Darwin is now beginning to show obvious signs of an extremely tight rental market, dropping again to 0.4% during May, coming to a total of only 100 listings. Melbourne however, continues to sit on the opposite side of the spectrum, once again recording the highest vacancy rate of the capital cities at 3.1% and also the highest level of residential vacancies, coming to a total of 11,427," SQM said.

SQM managing director Louis Christopher said vacancy rates were unlikely to ease in the near future.

"For many months now, vacancies across most of the country have remained very low ensuring that competition is fierce between prospective tenants, particularly at the affordable end of the market. As we have continually stated, we see no relief on that front, other than in Melbourne where there is still many more dwellings coming onto the market this year," he said.

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