Vacancy rates have fallen, on average, nationwide over the month of August, according to SQM Research.
The number of vacancies across the country decreased by 0.1 per cent, to 1.8 per cent, nationally, with Canberra and Darwin the only capitals to record increases over the month.
“This consistent rise in vacancies for Canberra may well be as a result of decreases in the federal budget deficit, thereby reducing the demand for public servants,” stated a recent SQM Research release.
Currently, the situation is below an ‘equilibrium’, meaning conditions remain favourable for landlords.
SQM Research’s managing director, Louis Christopher, said that while they note rental listings increasing elsewhere, “from our calculations, the increased listings are being absorbed rather quickly and largely failing to make stay on the market beyond three weeks.”
Vacancies do, however, appear to be rising in prestige areas, due to the cancellation of some away from home accommodation allowances that catered towards executives looking to the prestige rental market.