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It appears, however, that this uptick is now being driven by outer suburbs as the conditions in the inner ring start to tighten.
Vacancies in Sydney increased for the fifth consecutive month to 5%, according to the latest figures from the Real Estate Institute of New South Wales (REINSW). The spike in vacancies came from the outer-city suburbs.
The vacancy rate had been steadily trending downward since March in the outer-city region, as inner-city tenants let go properties with higher weekly rents for more affordable options. Vacancies in the outer-city region, however, unexpectedly jumped from 2.6% to 4.3% in July.
Middle-ring suburbs also recorded an increase in vacancy rate, up from 5.2% to 5.4%.
On the other hand, the rental market conditions in the inner-city ring started to tighten, as the exodus of people from the region has eased during the month. In fact, the region’s vacancy rate dropped from 5.8% to 5.3%.
Most regions in New South Wales also reported decreases in vacancies. Only Albury and the Murrumbidgee region bucked the trend and recorded higher vacancy rates in the month.
Area | Property Type | State | Median Price | Quarterly Growth | 12 month Growth | Weekly Median Advertised Rent | Gross Rental Yield |
Country | Houses | NSW | $480,000 | 1.0% | 4.0% | $400 | 4.3% |
Country | Units | NSW | $410,000 | 0.0% | 2.4% | $350 | 4.3% |
Metro | Houses | NSW | $960,000 | 1.6% | 2.2% | $520 | 2.9% |
Metro | Units | NSW | $730,000 | 1.0% | 1.0% | $500 | 3.7% |
Source: CoreLogic, August 2020
Top Suburbs : wiley park , goulburn , ferntree gully , coburg north , mayfield
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Original post: https://www.yourinvestmentpropertymag.com.au/market-report/nsw/nsw-excerpt-from-the-2020-september-market-report-273431.aspx