Christopher said demand for bigger properties had increased during the pandemic, and while there had not been a reversal in this trend yet, he forecast a shift back to apartments next year.
“I believe 2022 will see a move towards units, simply by virtue of their relative affordability plus the new inflow of immigrants will look for unit accommodation first and foremost as they have done in the past,” he said.
The total vacancies Australia-wide now stands at 55,370 residential properties, down from 56,953 in November.
Melbourne and Brisbane’s vacancy rate dropped to 3.2 per cent and 1.3 per cent in November from 3.3 per cent and 1.4 per cent in October.
The Sydney and Melbourne CBDs recorded a fall in vacancy rates but remain high at 6.9 per cent and 7.2 per cent respectively.
National asking rents rose 0.4 per cent for houses to $551 per week and units rose by 1 per cent to $416 a week.
It now costs an average of $603 a week to rent a house in a capital city, an increase of 2.4 per cent over the past 30 days, while apartment rents went up 0.7 per cent to an average of $427 per week.
Article Source: www.theurbandeveloper.com