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The national residential rental vacancy rate has dropped to 1.7 per cent over June from 1.8 per cent a month earlier, hitting its lowest mark in 10 years, new data from SQM Research has revealed. Sydney, Melbourne, Adelaide and Hobart saw vacancy rates fall over the month, while Brisbane, Perth and Darwin remained stable. Only Canberra experienced monthly lift in the number of vacant properties. Hobart and Darwin now have the tightest rental market, with vacancy rates at 0.4 per cent, or 140 and 149 vacant properties, respectively. Sydney CBD and Melbourne CBD also saw vacancy rates fall to 5.6 per cent and 5.8 per cent, respectively, marking a return towards longer-term levels. Of the capital cities, Brisbane saw the highest monthly rise in house rents at 3.2 per cent, followed by Sydney with 2.2 per cent, Adelaide with 1.8 per cent, Canberra with 1.6 per cent, Melbourne with 1.2 per cent, Darwin with 1.1 per cent, Perth with 0.5 per cent and Hobart with 0.2 per cent. As for units, Darwin experienced a 6.4 per cent lift. Adelaide followed, albeit with a large gap, with 3 per cent. Meanwhile, Sydney saw a 1.6 per cent increase in unit rents over the month, followed by Perth with 1.1 per cent, Brisbane with 0.8 per cent, Melbourne with 0.7 per cent and Canberra with 0.6 per cent. Hobart was the only capital city that saw a decline of 4.3 per cent. Continue reading at: x Rents surge as rental vacancy rates hit 10-year lo... Rental markets are tightening, with the national residential rental vacancy rate said to have hit its lowest level since May 2011.
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