Residential vacancies in Sydney have dropped for the second consecutive month.
With residential house prices continuing their ascent, Sydney’s rental market has also tightened, with vacancies decreasing
The REINSW Vacancy Rate Survey results for June 2021 show that residential rental vacancies in Sydney have dropped for the second consecutive month and the rate now sits at 3.1%. This is a further tightening by 0.2% after last month’s 1.0% drop to 3.3%.
“There’s no doubt that the Sydney residential rental market has been significantly disrupted by the COVID-19 pandemic, however, the tightening of the rate signals some signs of people moving back closer to the city,” Said REINSW CEO Tim McKibbin.
“Additionally, returning ex-pats are also contributing to the increased demand.”
Outside Sydney, vacancies in Newcastle remained stable at 1.6% for the month and Wollongong increased by 0.2% to be 1.4%.
Vacancy rates across regional New South Wales continue to remain historically low.
“Rates in the Albury, Central Coast, Murrumbidgee, Orana, South Coast and South-Eastern areas all dropped in June,” Mr McKibbin said.
“Feedback from our members in these areas indicates that stock is extremely tight, as tenants continue to exit the major metropolitan markets to secure a property that suits both their budget and desired lifestyle.”
The largest single-dwelling sales of the calendar year.