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
Top Suburbs :
sunshine
,
ferntree gully
,
bendigo
,
nightcliff
,
harris park