We know it's happening in Cairns and the figures in the capital cities are doing it too, this means the prices will start to slowly get better.
Residential vacancy rates in most capital cities slipped for the second month in a row in February, with Hobart the only capital recording an increase in available rental properties of 0.2 per cent.
New data from SQM Research shows the national average fell to 1.7 per cent in February, down from 1.8 per cent in January.
Hobart is breaking the trend as vacancies increase, with rates rising from 1.0 per cent to 2.3 per cent over the past 12 months.
Melbourne still has the highest vacancy rate at three per cent, yet also witnessed the biggest monthly drop after falling 0.5 per cent. However, the Victorian capital has been oversupplied for several months. The report reads, “This may come as good news for landlords, with the city’s vacancy rate coming down to three per cent, a figure seen by SQM Research to be at equilibrium.”
Perth vacancies remained steady at a national low of 0.6 per cent. However, listings that have been advertised for three weeks or more, when compared to the total number of established rental properties, dropped by more than a hundred, from 1,084 in January to 973 in February.
However, according to the Real Estate Institute of Western Australia (REIWA), the vacancy rate of Perth was higher, at 1.6 per cent. Yet the REIWA report acknowledged this was the lowest vacancy rate experienced in Perth for more than four years.