Residential vacancy rates fall over February

The latest SQM Research figures show a nation-wide drop in vacancy rates



The latest SQM Research figures show a nation-wide drop in vacancy rates

SQM Research has revealed the number of residential vacancies fell most in Canberra and Melbourne over February, down 0.4 percentage points from January for Canberra and 0.5 percentage points for Melbourne.
Nationally, a vacancy rate of 2.2% was recorded based on 66,094 vacancies, down from 2.3% in January when vacancies were 69,847.
The lower numbers are a result of workers and students pouring the capitals to start the new working and tertiary year following the summer break.
The vacancy rate in Darwin and Perth continue to rise, with Darwin recording the highest vacancy rate of the capital cities at 3.2% in February 2015 based on a total of 889 vacancies.
SQM Research Managing Director Louis Christopher said vacancy rates in Darwin and Perth will probably keep climbing through 2015 and could edge up nationally if the jobless rate rises further.
“While unemployment fell slightly in February, a slowing Australian economy overall will likely place greater upward pressure on the nation-wide vacancy rate though 2015.”
“Ongoing weakness in commodity prices will filter through to the jobs and property markets in Perth and Darwin,” Christopher said.
Canberra posted the biggest yearly decline in its vacancy rate to 1.6% from 2.1%, reflecting the relatively strong jobs market in that city, with an unemployment rate of just 4.5% compared to the national rate of 6.3%. 

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