Outer Sydney sees sharp vacancy increase as inner city eases
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Aug 19, 2020
Outer Sydney sees sharp vacancy increase as inner city eases
REINSW has released its Vacancy Rate Survey results showing a large increase in outer Sydney suburbs.
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REINSWTim McKibbin, CEO, REINSW
As COVID-19 continues to impact the residential rental market, the REINSW Vacancy Rate Survey results for July 2020 give a clearer picture by just how much.
Vacancies in Sydney overall increased for the fifth successive month and now sit at 5 per cent, up 0.5 per cent from June and 2 per cent since March.
In a slight turnaround, the exodus from inner-city Sydney appears to have eased and now sits at 5.3 per cent, down 0.5 per cent from June.
At a Glance:
- Vacancies in Sydney’s Inner Ring hit a high last month to be 5.8 per cent
- Sydney’s Outer Ring,in July saw a rise of 1.7 per cent in just one month
- Vacancies in the Northern Rivers region dropped by 1.5 per cent to 1.1 per cent, and the South Coast region saw a 1.3 per cent decrease to 1.4 per cent
“Vacancies in Sydney’s Inner Ring hit a high last month to be 5.8 per cent,” REINSW CEO Tim McKibbin said.
“Even with the 0.5 per cent drop in July, the vacancy rate for Sydney’s inner suburbs is still 2.8 per cent higher than it was back in March.
Source: REINSW
“Sydney’s Middle Ring increased for the fourth successive month and is now 5.4 per cent, up 0.2 per cent from June and 2.2 per cent from March.
“The real surprise this month comes from Sydney’s Outer Ring, where vacancies increased sharply."
Mr McKibbin said vacancies have been steadily trending downward since March, as inner-city tenants relinquished properties with higher weekly rents for more affordable options in the suburbs more distant from the CBD, however, July saw a rise of 1.7 per cent in just one month.
Most regional areas are not faring well.
Source: REINSW
Vacancies in the Northern Rivers region dropped by 1.5 per cent to 1.1 per cent, and the South Coast region saw a 1.3 per cent decrease to 1.4 per cent.
Other regional areas also recorded drops including the Central Coast, Central West, Coffs Harbour, MidNorth Coast, New England, Orana and the Riverina.
Only Albury and the Murrumbidgee region bucked the trend, recording increases in vacancies.
“This month’s results show that COVID-19 is having a significant impact across the whole of New South Wales and it’s unlikely that things will settle for a while yet,” Mr McKibbin said.
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