Blog: Residential property vacancies remain stable in August
The level of national vacancies remained relatively stable during the month of August, which may be good news for those looking to invest in residential property.
According to the latest figures from SQM Research, the rental vacancy rate during August hit 2.2 per cent, equating to 61,077 vacancies across the country. In Adelaide, the vacancy rate was one the lower end of the scale at 1.5 per cent with 2,606 vacancies in total in the city.
That figure represents a decrease from July's rate of 1.6 per cent with 2,696 vacancies.
Almost every capital city in Australia saw either no change or a decrease in their vacancy rates. However, Canberra recorded a significant increase from 1.8 per cent in July to 2 per cent in August. Darwin also saw a slight rise from 0.8 per cent in July to 0.9 per cent last month.
SQM Research Managing Director Louis Christopher says that investors have been recording strong levels of activity recently, particularly when it comes to the housing market.
"Although SQM Research has observed a rapid pick up in the housing sales market of late, much of this recovery has so far been investor driven and therefore has not resulted in a mass exodus of renters to become first home buyers/occupiers," Mr Christopher said in a September 24 statement.
However, he went on to note that the industry research group expects to see a resurgence of first home buyers in the future, which will see an accompanying increase in vacancy rates.
For first-time investors looking to purchase a residential property, vacancy rates can be an important indicator of the level of demand for the area and it's a good idea to keep an eye on the figures before you make your decision.
If you are ready to purchase your investment property, the team at AAA Mortgage Solutions can help you arrange finance you need to reach your investment goals.