Rental Vacancy rate from sqm site

[letitbe]

Hi all

Newbee here. I found this website

http://www.sqmresearch.com.au/graph_vacancy.php?mode=p&postcode=3030&t=1

and it showed me 5% vacancy rate.

Is it reliable info? are there any other sites to cross check?

should I steer away to buy in this area then?

Thanks in advance

 

[Propertunity]

Is it reliable info?

sqm are generally considered pretty good. They measure amount of on-line adverts for rents on a weekly basis and see how long it takes for the advert to get pulled etc.

re there any other sites to cross check?

REI Vic publishes rental vacancy stats also. http://www.reiv.com.au/home/default.asp

should I steer away to buy in this area then?

If you want to buy there you just need to accept 5+% rental vacancy.

But what does that mean anway? 5% vacant = 2.5 weeks vacant per year. If you can't handle that, then you have other problems

Also that figure is an average. Some properties will have 0% vacancy and others may be vacant for 4-5 weeks.

 

[redwing]

I had a look at SQM's data for number of properties that have been on the market for 2 months + which is stated to be 1727 properties

Then I thought I'd have a look at the data from Homepriceguide on the suburb

Property Research for 3030

Sales data
Number of houses/units 36182/4594
House/unit sales – last 12 months 1566/216
Highest price paid – last 12 months $1,950,000
Lowest price paid – last 12 months $111,000

It's only part of your Due Diligence process though

There's a couple of great posts here from Jaque on that subject

What is Due Diligence

Property Buying Tips

 

[letitbe]

Thanks for your replies guys.

But what does that mean anway? 5% vacant = 2.5 weeks vacant per year. If you can't handle that, then you have other problems

I thought 5% is a slightly above average. 2.5 weeks should be fine for me.

I had a look at SQM's data for number of properties that have been on the market for 2 months + which is stated to be 1727 properties
Property Research for 3030

So looks like the market in that area already saturated?

Actually, I bought a land there and planning to build soon. There is a great potential growth but maybe not for investor. I might have made a wrong decision

 

[Mick C]

if you want data that is reliable for Vacancy - check the vancany table at the back of "your property investment" magazine ( in order of postcode)- $9 at the newsagency.


Regards
Michael