The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
10
print
Print
ResidentialTue 17 Jul 18

Tenants on Top in Sydney Rental Market

44f7d6b0-2c47-4421-8b3b-7a558b364342

The Sydney rental market has recorded the highest vacancy rate in at least 13 years, according to SQM Research.

Monthly rental vacancy figures revealed 2.8 per cent of Sydney's rental properties were sitting empty in June.

That is up nearly an entire percentage point from the same time last year and is the highest level since SQM started recording the data in 2005.

"There is now a greater supply of rental accommodation at a time when the growth in rental demand is probably falling a little," SQM managing director Louis Christopher said.

"Sydney rents are now down for the year and it is likely rents will continue to slip as there is still a lot of supply coming in the pipeline.

"I believe Sydney will shortly record a fall in its population growth rate due to a relatively recent steep rise in interstate migration towards Queensland.

"I think this is the only time in my career that I can say with certainty that Sydney is now a buyer's and a renter's market, simultaneously."

Related: Hobart's 'Severe Shortage' of Property Drives Record Low Vacancy Rates

CityJune 2017 VacanciesVacancy RateMay 2018 VacanciesVacancy RateJune 2018 VacanciesVacancy Rate
Adelaide3,2511.8%2,4681.3%2,7261.5%
Perth10,6385.4%8,2354.1%8,4264.1%
Melbourne8,7541.6%7,6761.4%9,0351.6%
Brisbane11,4973.6%9,3312.9%9,8863.0%
Canberra7311.2%4980.8%5650.9%
Sydney13,2152.0%17,1642.5%19,5722.8%
Darwin9613.3%1,0513.5%1,0623.5%
Hobart1900.7%2110.7%2210.7%
National78,3142.5%69,1522.1%75,7572.3%

SQM's calculations are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties.


Nationally, the vacancy rate was marginally up at 2.3 per cent, with the number of vacancies Australia-wide now sitting at 75,757 properties.

Hobart continues to record the lowest vacancy rate, unchanged from May at 0.7 per cent, followed closely by Canberra at 0.9 per cent.

Perth recorded the highest vacancy rate of the capital cities, unchanged from May at 4.1 per cent in June, but down from 5.4 per cent a year ago.

Melbourne’s vacancy rate continues to inch up to 1.6 per cent from 1.4 per cent.

Sydney’s vacancy rate also rose to 2.8 per cent from 2.5 per cent and up from 2.0 per cent a year earlier.

Perth and Darwin also continued to have worse rental vacancy rates than Sydney, at 4.1 and 3.5 per cent respectively.

However, Perth's vacancy rate has improved from 5.4 per cent in June last year.

Capital city asking rents for houses fell over the month to 12 July 2018 by 0.4 per cent to $549 a week.

Unit asking rents remain steady at $444 a week.

Over the year, asking house rents rose just 0.5 per cent, while unit asking rents rose modestly by 0.9 per cent.

Sydney was the only city to record falls in rents for the year with rents for houses down by 2.2 per cent and units down by 0.1 per cent.

The biggest increases were in Canberra where asking house rents jumped 13 per cent to $630.70 and Hobart where units increased 10.4 per cent to $347.30.

ResidentialAustraliaSector
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
The property giant has paid $315 million for shopping centres in Melbourne and Sydney as its repositioning gains steam… …
LATEST
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
3 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/sydney-rental-vacancy-rates-hit-13-year-high