The Sydney market is experiencing a phenomenon called Ghost Tower Syndrome, characterized by a record number of empty apartments, a growing shortage of buyers and tenants, as well as a record new supply.
The data shows that a total of 9,446 apartments are on sale in the capital of NSW – and more than 20% – or nearly 2,000 of them – are new.
In addition, according to the chief economist of My Housing Market, Andrew Wilson, there is also an overabundance of rental housing without a tenant.
Parramatta, Liverpool, Ryde, Chatswood and Bankstown, alongside the city, face the pressing problem.
A total of 16,201 units is still available in Sydney, an increase of more than 50% over the previous year. This figure reflects the increase in unit vacancy rates, which rose from 2.1% to 3.3% over the same period.
Nine.com.au reported that the proponents did not propose an incendiary sale because they enjoyed a sufficient profit margin for prosperous years. Big discounts, however, will probably happen.
It will take time to absorb lists of units, according to Wilson. There is currently a drop in the number of new tenants due to the skyrocketing buyers of new homes, a significant drop in migration and the creation of new stocks in the market. As a result, a large number of new residential buildings could potentially remain ghost towers, he said.
Whether you're looking to buy your first home, move, refinance or invest in a property, a mortgage broker can help. Get loans from all major lenders, get help with paperwork – not to mention that this service is free. Get help from a local mortgage broker
Top suburbs:
Bligh Park
,
Flemington
,
crossing of ropes
,
Alderley
,
Goulburn
Get help for your real estate investment
Do you need help in finding the right loan for your investment?
When you invest in real estate, it is important to make sure that you do not only have the lowest available rate that you can get, but you also have the features of ready adapted to your needs.
Just fill in a few details below and then we will arrange for a local Australian mortgage broker to contact you and sort out the problem What features or what types of loans are suited to your needs? We will even help with the paperwork. In addition, an appointment is free.
We value your privacy and treat all your information seriously – you can check
our privacy policy here
