It appears, however, that this uptick is now being driven by outer suburbs as the conditions in the inner ring start to tighten.
Vacancies in Sydney increased for the fifth consecutive month to 5%, according to the latest figures from the Real Estate Institute of New South Wales (REINSW). The spike in vacancies came from the outer-city suburbs.
The vacancy rate had been steadily trending downward since March in the outer-city region, as inner-city tenants let go properties with higher weekly rents for more affordable options. Vacancies in the outer-city region, however, unexpectedly jumped from 2.6% to 4.3% in July.
Middle-ring suburbs also recorded an increase in vacancy rate, up from 5.2% to 5.4%.
On the other hand, the rental market conditions in the inner-city ring started to tighten, as the exodus of people from the region has eased during the month. In fact, the region's vacancy rate dropped from 5.8% to 5.3%.
Most regions in New South Wales also reported decreases in vacancies. Only Albury and the Murrumbidgee region bucked the trend and recorded higher vacancy rates in the month.
|
Area |
Property Type |
State |
Median Price |
Quarterly Growth |
12 month Growth |
Weekly Median Advertised Rent |
Gross Rental Yield |
|
Country |
Houses |
NSW |
$480,000 |
1.0% |
4.0% |
$400 |
4.3% |
|
Country |
Units |
NSW |
$410,000 |
0.0% |
2.4% |
$350 |
4.3% |
|
Metro |
Houses |
NSW |
$960,000 |
1.6% |
2.2% |
$520 |
2.9% |
|
Metro |
Units |
NSW |
$730,000 |
1.0% |
1.0% |
$500 |
3.7% |
Source: CoreLogic, August 2020
