{"id":26233,"date":"2020-07-13T11:21:09","date_gmt":"2020-07-12T23:21:09","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=26233"},"modified":"2020-07-13T11:21:09","modified_gmt":"2020-07-12T23:21:09","slug":"staggering-sydney-vacancies-reach-record-highs","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/staggering-sydney-vacancies-reach-record-highs\/","title":{"rendered":"\u2018Staggering\u2019: Sydney vacancies reach record highs"},"content":{"rendered":"

PHOTO: Sydney<\/strong><\/p>\n

COVID-19 is continuing to wreak havoc on vacancy rates in Sydney, with vacancies up for the fourth consecutive month.<\/p>\n

The Real Estate Institute of NSW has crunched the numbers on vacancy rate survey results to reveal vacancies are now sitting at 4.5 per cent.<\/p>\n

This is 0.4\u00a0of a percentage point\u00a0higher than vacancy rates in May, and 1.5 per cent higher than what was posted in March.<\/p>\n

 <\/p>\n

\"Aussie<\/a><\/div>\n
\n
\n

Home lending worst on record, but PM says don\u2019t panic<\/a><\/h2>\n<\/header>\n<\/div>\n

 <\/p>\n

According to CEO Tim McKibbin, \u201cSydney\u2019s inner ring experienced the most significant change, rising by 0.8\u00a0[of a percentage point] to 5.8 per cent\u201d.<\/p>\n

\u201cLast month, vacancies in the inner ring hit an 18-year high at 5.1 per cent\u00a0\u2014 a result that has been exceeded this month. Looking back at more than 20 years of survey results, we\u2019ve not seen vacancy rates this high. It really is staggering,\u201d he commented.<\/p>\n

\u201cFor Sydney\u2019s inner ring, if this trend continues, as it\u2019s likely to for the foreseeable future, we can expect to see downward pressure on rents.<\/p>\n

\u201cWhile this is great news for tenants, it\u2019s a recipe for disaster for many landlords.\u201d<\/p>\n

The middle ring has also seen vacancy rates swing upwards\u00a0\u2014 0.6\u00a0of a percentage point to 4.6 per cent.<\/p>\n

Sydney\u2019s outer ring is the only area bucking the trend, with vacancy rates tightening by 0.1\u00a0of a percentage point\u00a0to 2.6 per cent.<\/p>\n

READ MORE VIA REB<\/a><\/p>\n

MOST POPULAR<\/span><\/h3>\n