Melbourne Rental Vacancies Jump to 3% in September, SQM Says
Melbourne’s rental vacancy rate, which jumped in September, is likely to continue to increase as the supply of properties grows, according to SQM Research Pty.
The number of homes available for rent climbed to 3 percent in the city, from 2.2 percent a year ago, SQM said in an e- mailed release. The national rate rose to 1.9 percent from 1.5 percent a year earlier, the figures show.
“It is very possible we will see Melbourne vacancies continue to rise from here as there is, even at this point in time, new stock still just being completed now,” SQM Managing Director Louis Christopher said in the release.
Canberra had the lowest vacancy rate at 0.7 percent, up from 0.6 percent a year ago. SQM’s vacancy rate calculations are based on online rental listings advertised for three weeks or more compared with the total number of established rental properties.
To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net
To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net
Rate this Page