ROOT
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.
RELATED ARTICLES
About the author
About the author
Earn
Millennials face 'generational squeeze' as most vulnerable group in retirement
Millennials will be the most vulnerable demographic to face the "generational squeeze" in retirement, caught between supporting elderly parents and adult children while funding their own later years, ...Read more
Earn
Top workplaces for women in 2025 highlight progress in gender equity and inclusive leadership
Australia’s top workplaces for women in 2025 have been announced, recognising companies that are leading the way in gender equity, flexible work arrangements and inclusive leadership development. Read more
Earn
Employee satisfaction dips as Australian workplaces tackle retention challenges
Australian workplace satisfaction has declined to 78 per cent as companies grapple with economic pressures and changing work dynamics, according to a new report. Read more
Earn
Simplify your finances: The benefits of debt consolidation loans in Australia
In an era where managing multiple debts has become a common financial challenge for many Australians, debt consolidation loans emerge as a practical solution to streamline finances and regain controlRead more
Earn
Long-term welfare dependency declines despite rise in JobSeeker recipients
New research from e61 Institute has revealed that, contrary to popular belief, the number of people reliant on the benefit system in Australia has declined over the past two decades, despite an ...Read more
Earn
Best property investment strategies in Australia for 2024: An expert's perspective
As the Australian property market continues to evolve, investors are keenly looking for strategies that will yield the best returns in 2024. Read more
Earn
Innovative tax saving techniques for individuals and families
Tax time can be daunting for many Australians, but with some innovative planning and smart strategies, individuals and families can maximise their tax savings. Read more
Earn
Top firm says five factors are fuelling the Great Resignation
According to PwC, the Great Resignation is showing no signs of slowing down. Read more
Earn
Millennials face 'generational squeeze' as most vulnerable group in retirement
Millennials will be the most vulnerable demographic to face the "generational squeeze" in retirement, caught between supporting elderly parents and adult children while funding their own later years, ...Read more
Earn
Top workplaces for women in 2025 highlight progress in gender equity and inclusive leadership
Australia’s top workplaces for women in 2025 have been announced, recognising companies that are leading the way in gender equity, flexible work arrangements and inclusive leadership development. Read more
Earn
Employee satisfaction dips as Australian workplaces tackle retention challenges
Australian workplace satisfaction has declined to 78 per cent as companies grapple with economic pressures and changing work dynamics, according to a new report. Read more
Earn
Simplify your finances: The benefits of debt consolidation loans in Australia
In an era where managing multiple debts has become a common financial challenge for many Australians, debt consolidation loans emerge as a practical solution to streamline finances and regain controlRead more
Earn
Long-term welfare dependency declines despite rise in JobSeeker recipients
New research from e61 Institute has revealed that, contrary to popular belief, the number of people reliant on the benefit system in Australia has declined over the past two decades, despite an ...Read more
Earn
Best property investment strategies in Australia for 2024: An expert's perspective
As the Australian property market continues to evolve, investors are keenly looking for strategies that will yield the best returns in 2024. Read more
Earn
Innovative tax saving techniques for individuals and families
Tax time can be daunting for many Australians, but with some innovative planning and smart strategies, individuals and families can maximise their tax savings. Read more
Earn
Top firm says five factors are fuelling the Great Resignation
According to PwC, the Great Resignation is showing no signs of slowing down. Read more
