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Regional markets are holding on strong, with vacancy rates well below 1 per cent across a majority of states.
Vacancy rates are unbelievably tight in almost all regional markets, with Aussies still flocking to the regions despite rising rents, The Property Nerds’ co-founder, Arjun Paliwal, said.
“It is not uncommon to see many of our regional markets see a range of 60-90 per cent declines in their vacancy rates over the last 12 months,” said Mr Paliwal.
“This is creating immense pressure on rents, and as a result, investors are seeing rising rents and a large number of applications after the first open home,” he explained.
In fact, regional NSW, Victoria and Queensland are all sitting on vacancy rates of 0.8 per cent, while Tasmania has topped the pack with 0.6 per cent. Regional South Australia is not too far behind on 0.9 per cent, while regional Western Australia clocked 1.3 per cent in March.
According to the Property Nerds’ research, Perth’s vacancy rate has contracted from 2.9 per cent 12 months ago to the current 1.0 per cent, while Brisbane has seen its market tighten from 2.7 per cent to 1.6 per cent.
Adelaide, however, has enjoyed fairly tight rates for the past 12 months, with a slight contraction from 1.3 per cent last March to the current 1.1 per cent. Similarly, Hobart’s current vacancy rate sits at 0.9 per cent, compared with 1.4 per cent a year earlier, while Canberra’s rate sits at a low 0.8 per cent compared with 1.1 per cent in March last year.
Melbourne and Sydney trailed behind their peers, with rates of 6.4 per cent and 3.9 per cent, respectively. But, according to Mr Paliwal, unit vacancy issues are showing these two capitals as a “lot weaker” due to a high number of vacant apartments.
“Property managers in many parts of Australia’s detached house market are reporting no rental listings online at the time of listing in some suburbs.
“We are in times where prospective tenants are paying above asking rents to simply secure a property,” Mr Paliwal concluded.