Sydney city center rental markets continue to feel the effects of the COVID-19 outbreak, with vacancy rates still on the rise, according to the latest market update from the Real Estate Institute of New South Wales (REINSW).
Sydney's overall vacancy rate rose to 4.3% in October. This was due to the fact that the vacancy rate for the Inner Ring region had returned to its all-time high of 5.8%.
"After a 0.6% drop in August, vacancies have again risen steadily in the city center, indicating that the fallout from COVID-19 is far from over for homeowners," said Tim McKibbin, CEO of REINSW.
The vacancy rate in the outer region also increased from 2.1% to 2.6% during the month. Only the middle ring region resisted the uptrend, with its vacancy rate dropping from 5.5% to 4.9%.
In contrast, vacancies in the New South Wales region remained tight.
"In the early stages of the COVID-19 pandemic, we saw tenants abandon their properties in favor of more affordable options in suburbs further away from popular metro centers and, in fact, even further into regional areas, ”McKibbin said.
McKibbin said the upward trend in vacancy rates in Sydney and tightening in regional areas show no signs of abating.
"What is clear is that COVID-19 continues to have a significant impact on the residential rental market across New South Wales and it is unlikely that it will changes in the coming months, ”he said.
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