Rental vacancies have continued to decrease significantly across the nation, bringing the current rate to pre-pandemic levels.
Recent data from a Terry Ryder Hotspotting article has revealed that the national vacancy rate stands at an incredibly low 1.7 per cent. While the rate remains below 1.5 per cent for almost every capital city, the same still cannot be said for Sydney and Melbourne. Those who own property investments in these two capitals are having a little more trouble tenanting their properties than the rest of the nation.
The issue for those who own an investment property in the two underperforming cities is that they've been most hard hit by the pandemic due to lockdown measures and a lack of international students. In fact, the head of consumer research at Finder, Graham Cooke, has stated that these markets are "really dependent on... the full opening of international borders."
SQM Research has stated that the surge in those seeking an investment property to tenant in the best performing regions are due to lifestyle changes. Queensland and Northern New South Wales, particularly, have seen an influx of interstate migration with people opting to live in more regional and warmer locations.
So, what do the vacancy rates look like across the Australian property market?
While vacancy rates still remain relatively high for property investors in Melbourne (3.7 per cent) and Sydney (2.7 per cent), every other capital is performing incredibly well. If you own an investment property in Brisbane, you can expect the average vacancy rate to be at 1.3 per cent. Adelaide's is 0.6 per cent and Darwin is at 0.5 per cent. Both Canberra and Perth have a low rate of 0.8 per cent.
What does it mean for people buying an investment property?
If you're an investor looking to expand your current property portfolio or wanting to begin your property investment journey, there are amazing opportunities to take advantage of at this moment!
The demand for investment properties across Australia is high right now and combined with incredibly low vacancy rates - it's providing perfect market conditions for investors to start generating wealth.
In addition to this, the value of property is set to increase over the next year (as we've already experienced) nationally. This means that now is the time to buy and take advantage of the growing equity you may already have in a property to purchase a property investment.
Real Estate Investment Finance are helping clients take advantage of opportunities like this daily. If you want to achieve incredible results and fast track your potential, we would love to be able to assist you. Book a FREE 60 minute consultation with a REIF Property Investment Strategist TODAY! Give us a call or email to book with the details listed below.
Ph: 1300 130 932
Email: clientservices@reif.com.au
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