The Sydney rental market reversed its slight recovery in August after reporting an increase in vacancy rates in September, according to the latest report from the Real Estate Institute of New South Wales (REINSW).
During the month, job vacancies in Sydney fell from 3.5% to 4.1%, with the Inner Ring and Middle regions both having higher vacancy rates at 5, 5%. The increase in the vacancy rate indicates that the city's rental market has slowed down again, said Tim McKibbin, CEO of REINSW.
"Property managers tell us that there are fewer properties coming onto the market and those that take longer to rent. Older properties that need to be renovated are particularly problematic, as tenants become more picky about where they choose to live, "he says.
The Newcastle area followed the rise in Sydney's vacancy rates from 1.2% to 1.5%. Wollongong, on the other hand, reported a decline from 2.6% to 2.1%.
A separate report from SQM Research presents similar conclusions. The report says high vacancy rates in Sydney continue to drive down rents in the city.
Regional markets stood to gain from the tenant exodus in Sydney. McKibbin said vacancies in regional suburbs remained tight, with only a few seeing an increase. Holidays in Albury and Coffs Harbor edged up to 0.8% and 0.9%, respectively.
"Renters are seizing the opportunity to secure a rental property that suits both their budget and desired lifestyle. This month's results show that COVID-19 continues to rise. Have a significant impact across all of New South Wales and things are unlikely to settle for a while yet, "McKibbin said.
Of all the regional markets, New England had the highest vacancy rate at 1.3%. However, this was already a decrease from 1.6% the previous month. The center-west, on the other hand, had the lowest vacancy rate, at 0.4%.
Top suburbs:
queens park
,
balga
,
Hebersham
,
Albion
,
lockridge
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