National vacancy rates stay steady

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The national capital city vacancy rate for houses remained at 2.1% over September, and units dropped from 2.8% to 2.7%, according to a quarterly report by Domain.com.au.

Further, the overall dwelling vacancies remained at 2.3%.

The report also covered unit vacancy rates among capital cities. Sydney’s unit vacancy rate fell to 2.3% and Melbourne’s dropped to 1.6%.

Both Perth and Darwin, however, recorded the highest dwelling vacancy rates among the capital cities at 3.4%.

The report suggested that fly-in-fly-out workers, who previously created high demand for rental properties in both cities, are not as active on the market as they used to be, inducing the high vacancy rates.

Dr Andrew Wilson, a senior economist for Domain.com.au, pointed out that despite new property developments, record high rents are consolidating and low vacancy rates are tightening.

“Low numbers of first home buyers, and solid migration towards cities is keeping demand for rental properties generally, well ahead of supply,” he said.


 

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