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Vacancy Rates Remain Tight And Rents Continue To Rise

AUSTRALIA

SQM Research announced that residential rental vacancy rates were steady at the very tight 1% in February, whereas they had been expecting it to fall. The weekly asking rent in capital cities rose 2.6% in the 4 weeks to March 12 and up 21.4% y/y but nationally it is up a slower 12.8% y/y.

  • RBA Governor Lowe has pointed out rental inflation as an area of concern in the past and that an increase in the supply of homes is needed to address it. The latest data is showing that it remains a problem.
  • The increase in immigration is helping to keep vacancy rates low in Sydney and Melbourne as housing supply isn’t keeping up.
  • See press release here.
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