Vacancy rates drop in May - Addisons Advisory Group

Vacancy rates drop in May

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vacancy rates have taken a welcome drop in May, dropping 40 basis points to 2.2 per cent nationally. Vacancy rates in May declined in all capital cities, except Melbourne, with the biggest falls in Perth and Darwin. Sydney’s vacancy rate declined 40 basis points to 3.6 per cent.

This decline partially reversed an 80-basis point rise in April. It is likely that the easing of travel restrictions will have resulted in increased owner confidence and the reverting of short-term rental properties back to the long-term leasing market.

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The JobKeeper and JobSeeker initiatives and a rising consumer confidence seem to have supported a rise in demand for rentals and suggests that the economic downturn is likely to be less severe than initially expected. 

The government may utilise the fact that JobKeeper spending was much lower than initially forecast to extend the support beyond September to businesses still heavily affected by the COVID-19 pandemic.

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This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. All loans are subject to lenders terms and conditions – fees, charges and eligibility criteria apply.