Job vacancies in Sydney's inner suburbs are starting to stabilize, but there remains some unpredictability about where the vacancies will go this year, according to the latest report from the Real Estate Institute of New South Wales (REINSW).
The total number of vacancies in Sydney fell to 3.3% in December, as confidence returned in the Inner Ring region. However, the number of vacancies has increased slightly in the middle and regional ring regions.
"As we come to the end of a chaotic year for the downtown and regional rental markets, vacancy rates have continued to stabilize. However, with this latest COVID-19 wave which now hangs over NSW, it will be interesting to see how the market rates during the first quarter of the year, "said Tim McKibbin, CEO of REINSW.
McKibbin said that while the labor market strengthened in December, tenants still face tough financial conditions due to early government assistance payments due. of the year. This could potentially affect vacancies in parts of the city and state.
Interestingly, there has been a slowdown in the exodus to regional areas, with some markets already seeing increases in vacations. Wollongong, for example, reported an increase in vacancy rates to 2.5%. Illawarra also posted an increase of 1.5%.
"As we begin 2021, it's clearly a mix with Sydney's inner ring settling in as an exodus from the middle ring continues, which may see tenants returning to more popular parts of the city or abandon the city altogether for a sea change to regional NSW or elsewhere in Australia, ”McKibbin said.
Top suburbs:
Will parliamentstown
,
Midland
,
Keperra
,
homebush
,
Bligh park
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