Vacancies go down, rents go up

Rents are on the rise, boosted by falling vacancy rates, according to data from Archistar, a property technology and design company.

“Capital city house vacancy rates, with the exception of Melbourne, remained below 2% with Adelaide, Perth, Hobart, Darwin and Canberra remarkably all below 1% and Brisbane just above,” says Andrew Wilson, chief economist at Archistar. “Melbourne remains the exception with clearly the highest capital city house vacancy rate – and continuing to rise.”

The falling vacancy rates are translating to higher rents. “Reflecting low vacancy rates, all capitals, again with the exception of Melbourne, have recorded increases in house rents over the past year. Canberra, where annual house rents were flat, remains clearly the most expensive capital for tenants,” says Wilson.

Unit vacancy rates remain tight in most capitals, “with the notable of exception of Melbourne and Sydney, where record level inner-city apartment vacancies have resulted in sharply falling rents”.