PHOTO: Vacancies are expected to rise, especially in areas with a high supply of new housing. Picture: David Swift. Source: News Corp Australia
Mounting job losses, limits to international travel and ongoing property development are expected to leave homes in some Sydney areas empty for months, with effects on rents.
A large share of Sydney rental properties could become “ghost” homes left empty for months because the landlords cannot find tenants.
Housing experts said rental demand has already starting to drop as the economic fallout from the coronavirus pandemic worsens, with vacancies expected to rise sharply.
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Real Estate Institute of NSW chief executive Tim McKibbin said the market was in “uncharted waters” and mounting unemployment made vacancies imminent.
“Many renters are facing job losses or reduced pay,” he said.
“Notwithstanding the six-month moratorium on evictions, this will likely cause more tenancies to be given up: for example, by people moving in with other family members.”
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