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Vacancy rates climb in 2010

Staff Reporter 3 minute read

The number of vacant residential properties in Melbourne, Sydney and Brisbane has risen close to long term averages, according to data from SQM Research.

Figures from SQM found there is almost 11,000 properties available in Sydney, or a vacancy rate of 2 per cent in December, compared with 1.7 per cent in November.

Melbourne’s vacancy rate has risen to 3.5 per cent from 3.1 per cent, while Brisbane’s vacancy rate climbed to 3.4 per cent, from 2.9 per cent.

“Year on year vacancy rates in capital cities have risen modestly, with the market remaining relatively tight in most areas, particularly for affordable real estate,” SQM Research managing director Louis Christopher told The Adviser.

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Mr Christopher also said the rise in rental stock, although not an oversupply, was reaching the point of ‘equilibrium’, where there was little upward pressure on rents.

“There is no evidence to suggest we will see significant increases in rents. Increases of between 3 and 5 per cent in most areas are more likely,” he said.

"Nationally, we won't see a huge jump in rents, but we should see a significant increase in the the more affodable areas."

Mr Christopher’s comments are in stark contrast to recent statistics from APM which found rents in Melbourne could climb by as much as 7 per cent this year.

APM economist Matthew Bell said Perth would experience the biggest climb in rental prices, with a predicted 11 per cent growth in the city.

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