Australia’s average vacancy rate fell slightly in July, keeping the number of homes available for rent below 3 percent across the nation’s eight state capitals, according to SQM Research Pty.
The vacancy rate fell to 1.9 percent from 2 percent a month earlier, SQM said in an e-mailed release. Melbourne had the highest vacancy rate at 2.9 percent, and Darwin the lowest at 0.4 percent, showing signs of a “severe rental crisis,” it said.
“The rental vacancy market remains steady as it has been for the course of this year, with the market overall favoring landlords,” SQM Managing Director Louis Christophersaid in the release.
Rental yields across Australia’s biggest cities remained at 4.2 percent for houses and 4.9 percent for apartments in July, according to figures from Brisbane-based researcher RP Data. The gross rental yield was 5.7 percent for houses and 5.9 percent for apartments in Darwin, the highest in the country. Melbourne had the lowest yields, at 3.6 percent for houses and 4.4 percent for apartments, RP Data said.
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