New figures from SQM Research show that residential vacancy rates remained tight across much of Australia over the course of May, meaning investing in Australian property could still offer impressive rental returns.
The national vacancy rate remained unchanged from April at 1.8 per cent, reports Real Estate Business.
However, total residential vacancies fell by 440 month on month to hit 50,408 nationally.
"For many months now, vacancies across most of the country have remained very low, ensuring that competition is fierce between prospective tenants, particularly at the affordable end of the market," said Louis Christopher, managing director of SQM Research.
Darwin, with just 100 properties available for rent, remained the most difficult city in which to find temporary accommodation as the ongoing mining boom continued to boost immigration to the region.
Melbourne had the highest vacancy rate at 3.1 per cent, while Sydney was at 1.7 per cent and Perth 0.6 per cent.
The Urban Development Institute of Australia recently warned of a growing shortfall in the number of Australian residential properties.
Posted by Steve Douglas
