New data has unveiled the Australian cities with the highest and lowest number of vacant residential properties, shedding light on housing trends across the country.
Darwin Waterfront Precinct topped the list for vacant dwellings, with 3.7 per cent of homes unoccupied relative to population size. Seasonal tourism and economic factors likely contribute to this high vacancy rate.
At the other end of the spectrum, Brisbane recorded the lowest vacancy rate with just 2 vacant properties per 100,000 people. Strong population growth, affordable housing compared to other capitals, and high rental demand were cited as reasons for the low vacancies.
Among the cities with the highest vacancy rates, remote Indigenous communities featured prominently, with Yarrabah and Palm Island ranking second and third respectively. Socio-economic challenges and limited opportunities in these areas may contribute to higher vacancy rates.
Wealthy Perth suburb Peppermint Grove ranked fourth, with 2.8 per cent of residential properties vacant. This could be attributed to investment properties, slow sales, or homes left empty during renovations.
Several mining towns also made the list of highest vacancies, including Roxby Downs, Wiluna, and Cue. Fluctuations in mining activity and workforce demands likely influence vacancy rates in these areas.
On the list of lowest vacancies, popular coastal areas featured prominently. The Gold Coast, Sunshine Coast, and Central Coast all recorded low vacancy rates, likely due to their appeal as lifestyle destinations and tourism hotspots.
Major cities Melbourne and Sydney ranked third and eighth respectively for lowest vacancies. Strong job markets, population growth, and high housing demand in key areas contribute to keeping properties occupied in these metropolitan centres.
The data highlights the complex factors influencing residential property vacancies across Australia, from economic conditions and industry reliance to lifestyle preferences and tourism trends.
If you feel you are in mortgage stress, or your fixed rate mortgage is coming to an end, please give Dave a call for a confidential discussion on 0408 385 559.
https://propertybuzz.com.au/ “Australia’s top 10 cities with highest and lowest vacant residential properties revealed” / Newsdesk