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Sydney’s vacancy rates continue to rise
Sydney’s vacancy rates continue to rise overall, but the middle ring is outperforming the rest of the city, new research has revealed.
Sydney’s vacancy rates continue to rise
Sydney’s vacancy rates continue to rise overall, but the middle ring is outperforming the rest of the city, new research has revealed.
Data released by the REINSW shows Sydney vacancies rose by 0.3 per cent overall last month and are now sitting at 3.6 per cent.
REINSW CEO Tim McKibbin said the rise in vacancy rates was expected, as families made decisions to move ahead of the start of a new school year.
“Yes, this is a slight increase for the month, but nothing too unusual for this time of year when seasonal fluctuations inevitably play a role in the residential rental market,” Mr McKibbin said.
Vacancy rates at Sydney’s inner ring increased to 4.8 per cent, a rise of 0.4 per cent, while the outer ring vacancy rates rose by 0.7 per cent to 2.5 per cent.
However, bucking the Sydney trend, the middle ring dropped, which saw a drop in rental vacancies falling to 0.5 per cent to be 4.2 per cent for the most.
Outside Sydney, vacancy rates tightened in both the Hunter and Illawarra regions, dropping by 0.1 per cent and 0.4 per cent, respectively.
“Demand for rental accommodation continues to outstrip supply in these areas, as tenants seize the opportunity to leave Sydney and secure a rental property more suited to both their budget and desired lifestyle,” Mr McKibbin said.
The REINSW stated that vacancies across much of regional NSW remain extremely tight.
Areas have eased slightly. However, the results show that stock remains tight across all non-metropolitan areas.
“From the earliest stages of the onset of the COVID-19 pandemic, we saw tenants relinquishing their properties in favour of more affordable options in suburbs more distant from the popular metro hubs and, in fact, even further afield into regional areas.”
“This trend shows no sign of abating.
“What’s clear is that COVID-19 continues to have a significant impact on the residential rental market across New South Wales, and this is something that’s unlikely to change in the coming months,” Mr McKibbin concluded.
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