Drop In Vacancies For Sydney Renters
Residential vacancies in Sydney have dropped for the second consecutive month.
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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.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
A new digital real estate site promises a full view of the housing sector, even those places not on the market
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Hot on the heels of the launch of View Media Group last year, Australia’s newest proptech digital media company has gone live with its consumer-facing real estate site, view.com.au.
The new site offers a ‘freemium’ model allowing vendors to list their properties for free while having the option of further upgrades for agents looking to enhance their listings.
VGM executive chairman Anthony Catalano said the model was a ‘game changer’ in the digital real estate space.
“While VMG is much more than a portal play, it’s critical that we have a consumer-facing brand that will act as the front door to attract consumers and in turn allow us to offer products and services in a range of verticals across the property ecosystem,” Mr Catalano said. “Our plan is to create a digital real estate superstore under the new View brand that will play in the $300 billion adjacency categories rather than solely focus on the $1
billion of digital property advertising.”
“We’ve listened to the industry and the time is right for an offer to come to market with an alternative model that addresses the real estate industry’s concern at the continually
escalating price of advertising.”
The View portal is available through app stores and will include properties across the country, not just those on the market right now.
“That means view.com.au will showcase more than 11 million properties in Australia compared to some of the portals which feature around 140,000 properties for sale,” Mr Catalano said. “From Day 1 we will provide consumers with a complete view of the market.’’
View has worked with mapping partner Nearmap to create the ability to have a comprehensive overview of all properties.
“We’ve had a look globally at best practice search for property and we’ve consumer tested a range of options and without doubt the preferred experience is map-based search,” View CEO Toby Blazs said. “So unlike others in the market who default consumers to a list view, we’ll default our search results via a map.”
Mr Catalano said the innovative site was designed to be a true disruptor in the proptech sector.
“VMG continues to grow and tick off the key parts of its strategic plan,” he said. “We are well on the way to forming a global-first conglomerate of proptech assets including portals, ad tech, lead generation, lead management solutions, media planning and buying, AI services, data and connections all under the one roof.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
