In certain areas competition between tenants will be fierce as tight vacancy rates remain across some of the capital cities. Many tenants will find themselves operating in a landlords market and should brace for rental price hikes.
As mortgage rates have hit historic lows, ultimately aiding the serviceability cost of a home loan, more Australians are looking to work out the answer. We’ve crunched the numbers comparing weekly mortgage repayments to rents across Australia.
Nationally, vacancy rates held steady for the sixth consecutive month at 2.1 per cent. This stability illustrates that the rental market has adjusted following the COVID-19-induced bounce to 2.6 per cent in April.
Vacancy rates across the capitals largely declined in October, except in Hobart and Melbourne. Melbourne’s vacancy rate continues to accelerate to record highs.