1. People stay with other people overnight.
2. New buildings are unoccupied, sometimes for months.
A more useful measure is rental vacancy rates. The Australian average is 2.3%, which is pretty close to "none" in practical terms.
2. New buildings are unoccupied, sometimes for months.
A more useful measure is rental vacancy rates. The Australian average is 2.3%, which is pretty close to "none" in practical terms.
According to the following Melbourne has a 5.9% vacancy rate. They use water usage data from the water companies for their analysis. (<50L/day = vacant property)
http://www.earthsharing.org.au/wp-content/uploads/Philip_Soo...
REIV vacancy rate is (unleased property on the books) / (property on the books). It's always going to be an under-estimate of true vacancy due to properties that are empty full time and those that are privately managed and temporarily vacant.