{"id":21128,"date":"2018-05-14T01:00:24","date_gmt":"2018-05-13T15:00:24","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21128"},"modified":"2018-05-14T01:00:24","modified_gmt":"2018-05-13T15:00:24","slug":"rental-vacancies-fall-louis-christopher","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/rental-vacancies-fall-louis-christopher\/","title":{"rendered":"Rental vacancies fall \u2013 Louis Christopher"},"content":{"rendered":"<p>Data released by SQM Research has revealed that the national residential vacancy rate slipped in March, with the number of vacancies Australia-wide falling to almost 69,000.\u00a0\u00a0 So what is the impact of this? SQM\u2019s <strong>Louis Christopher<\/strong> gives us the good oil.<br \/>\n<strong>Transcript:<\/strong><br \/>\n<strong>Kevin:<\/strong>\u00a0 Data released by SQM Research this week has revealed that the national residential vacancy rate slipped to 2.1% in March, with the number of vacancies Australia-wide falling to 68,000, almost 69,000, down from 2.2% in February.<br \/>\nWhat\u2019s the impact of this? What does it mean to the market? Joining me to talk about this, Louis Christopher from SQM Research.<br \/>\nLouis, thanks for your time. Good to be talking to you again.<br \/>\n<strong>Louis:<\/strong>\u00a0 Good to be here, Kevin.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Louis, what does this mean for the Australian property market?<br \/>\n<strong>Louis:<\/strong>\u00a0 I think from month to month, it\u2019s not a significant change. We like to look at how things change over a period of time. It\u2019s still, of course, very interesting to see how things have changed on the previous month.<br \/>\nIt\u2019s a slight decline from 2.2% to 2.1%. I note that vacancy rates this time last year were at 2.3%, and so there has been a gradual downtrend in vacancies across the country \u2013 probably enough. The decline in vacancies has been driven by falls in Perth, where last year the vacancy rate was 5%; it\u2019s now 4.1%, Brisbane, where this time last year, the vacancy rate was 3.5%; it\u2019s now 3.2%, a sign that perhaps vacancies have peaked in Brisbane, Canberra, where vacancies are really tight now; last year they were at 0.8%; now this year we have them about 0.6%, with some offsets in Sydney.<br \/>\nWe\u2019re recording a vacancy rate in Sydney of 2.3% now, which was unchanged on the month, but compared to this time last year, basically March 2017, the vacancy rate was 1.7%, so vacancies in Sydney have basically been rising over the course of the year.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It certainly highlights for me anyway just how patchy the Australian market is. If you\u2019re looking at those variance in rates. Pulling some numbers on this, vacancies in Sydney, according to your report, almost 16,000, and that represents 2.3%.<br \/>\n<strong>Louis:<\/strong>\u00a0 That is correct. Yes, 16,000 sounds like a lot of vacancies but let\u2019s remember that Sydney is a city of 5 million people, so it\u2019s still relatively tight, and I would argue it\u2019s just in the landlord\u2019s favor. However, I do not believe in Sydney that landlords have a lot more power to lift the rents further than where we are now, and it\u2019s slowly edging towards being a tenant\u2019s market.<br \/>\nThat\u2019s been brought upon by an increase in rental properties predominantly in Sydney\u2019s outer ring, and in particular in the west and northwest, where a lot of investment properties, a lot of land has been opened up, turned into estates, and that\u2019s increased the supply of rental properties.<br \/>\nSydney is less of an issue of a big oversupply of CBD apartments like Brisbane still has; it\u2019s more of more vacancies in the burbs.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes. It shows you how robust that Melbourne market is, too \u2013 very stable with its vacancy rate continuing to sit at 1.4%, so it\u2019s a good market in Melbourne.<br \/>\nCan we have a look just briefly before we go at the asking rents, what impact that\u2019s having there, Louis?<br \/>\n<strong>Louis:<\/strong>\u00a0 Yes, certainly. Overall, when we look at the capital city average for rents for houses, rents over the past 12 months have risen by 1.3%, and for units, a rise of 0.9%. So, overall, quite steady. For the month, rents did record a little bit of a rise of 0.5% and unit 0.2%.<br \/>\nWhen I look at the city breakdown, the areas recording the strongest rents is clearly Hobart. For the year, rents are up by 14% for houses and 18% for units. Mind you, there was a bit of a correction in the month for Hobart. We\u2019ve been mentioning in the past, Kevin, how tight the Hobart market is. We have the vacancy rate at just 0.5%. It\u2019s heavily favoring landlords right now.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, I was at a conference this morning and they were talking about the Hobart market or the Tasmanian market overall. Interesting to note, too, in your figures, and I hope I\u2019m reading this correctly, that the asking rents rose the most in Darwin over the month, up 3.3%.<br \/>\n<strong>Louis:<\/strong>\u00a0 Over the month for houses, yes, that\u2019s right. There seems to be a little bit of a turnaround in the Darwin market. There\u2019s already been a bit of a turnaround in the Perth market, not that we recorded any stunning increases in rents in Perth last month. Just keep in mind Darwin has been quite volatile. We still have fairly elevated vacancies, so I wouldn\u2019t be surprised if we record sometime in the near future a decline in rents for a month.<br \/>\nBut yes, it\u2019s better than what we\u2019ve been recording. At one stage, we were recording rental declines in the order of 8% for the year for Darwin, and we\u2019re no longer getting those type of numbers, so there is evidence that the Darwin rental market is finally bottoming out.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s good talking to you. Louis Christopher from SQM Research. Great insight as to what\u2019s happening in the market, particularly for investors. SQMResearch.com.au.<br \/>\nLouis, thank you so much for your time.<br \/>\n<strong>Louis:<\/strong>\u00a0 Good to be here, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data released by SQM Research has revealed that the national residential vacancy rate slipped in March, with the number of vacancies Australia-wide falling to almost 69,000.\u00a0\u00a0 So what is the impact of this? SQM\u2019s Louis Christopher gives us the good oil. Transcript: Kevin:\u00a0 Data released&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":21129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,22,25],"tags":[101],"class_list":["post-21128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rental vacancies fall \u2013 Louis Christopher - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/rental-vacancies-fall-louis-christopher\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rental vacancies fall \u2013 Louis Christopher - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Data released by SQM Research has revealed that the national residential vacancy rate slipped in March, with the number of vacancies Australia-wide falling to almost 69,000.\u00a0\u00a0 So what is the impact of this? 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