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Rental vacancies ease in Sydney, plateau nationally
Sydney was the only capital city where rental vacancies eased over the month of July, according new research by property research company SQM Research.
Vacancies eased by 0.2% to 1.6% during the month of July. A year ago the vacancy rate stood at 1.5%.
Canberra again recorded the tightest vacancy rate for the month of July – remaining at 0.7, or a total of 333 vacancies.
Vacancies in Brisbane, Perth and Darwin all fell by 0.1% during the month of July.
The Melbourne vacancy rate remained unchanged at 2.8%, with 10,238 properties available for rent.
Nationally residential vacancies have plateaued for the month of July, remaining at a tight 1.9% for the second consecutive month.
Total vacancies stand at 49,466 nationally, compared with 48,330 in July 2010.
SQM managing director Louis Christopher says: “A general oversupply of stock for sale and an undersupply of properties for rent. That is where the market is right now. It perfectly explains why we have falling house prices while rents are rising at a faster rate than inflation.”
Perth is the capital city to experience the largest year-on-year decline, falling by 0.4% since July 2010.
The capital city to experience the largest year-on-year growth was Adelaide, rising by 0.6% to 1.6%, or a total of 2,286 vacancies.
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