Vacancy rates dropped in 4 of the 5 major capital cities in January with Adelaide staying flat at 1.5%, the tightest vacancy rate of all 5 capitals.
The figures show that Adelaide, Melbourne and Sydney continue to be under-supplied markets with very tight vacancy rates.
Brisbane is absorbing supply of new property well, with some commentators predicting an undersupply to emerge in 2020 as commencements of inner city apartments have almost come to a complete halt.
Perth vacancy rates are also improving, reducing substantially since they peaked at 5% in June last year.
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The data reflects the seasonality of the market, with January and February generally found to be good months to find a tenant.
“There is a seasonal pick up in enquiry at this time of year, with students, university staff, medical staff, contractors and other seasonal workers looking for accommodation,” said Ironfish National Apartments Manager, William Mitchell.
“For others it’s also just seen as a good time to move; while some people prefer to move before Christmas, for many others, the new year signals a fresh start and a key part of this can be finding a new home.”
“Overall the vacancy rates reflect positive signs for all 5 capital city markets, and are certainly an area to watch as we head into 2018.”