Wednesday, October 1, 2014

What is happening with the vacancy rate?

The HTW CairnsWatch report from Rick Carr was posted yesterday. I agree with the narrative of an ongoing modest recovery in the Cairns economy albeit with some minor reservations on employment and airport data. However, what is going on with vacancy rates?

If I have eyeballed Rick's graph correctly the vacancy rate has now reached a new three year high after bottoming and trending up since 2012? We know there is no new supply of units and building approvals for houses, while recovering, remain at comparatively low historical levels relative to population. Construction will also lag approvals. 

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