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More than 30,000 flats are vacant in Sydney and rents in several urban areas are falling

Source: xkb.com.au
[Economic News]     02 Jul 2020
Sydney's rental market has more vacant homes than ever, according to the latest figures available on television station 9. Currently more than 30,000 separate house and apartments are idle. The collapse of the short-term rental market, coupled with a sharp drop in the number of foreign students seeking to rent, is driving up the number of vacant rents. "There is no indication that we will see a de...
More than 30,000 flats are vacant in Sydney and rents in several urban areas are falling

Sydney`s rental market has more vacant homes than ever, according to the latest figures available on television station 9.

Currently more than 30,000 separate house and apartments are idle.

The collapse of the short-term rental market, coupled with a sharp drop in the number of foreign students seeking to rent, is driving up the number of vacant rents.

"There is no indication that we will see a decrease in new supplies or an increase in new demand that will absorb these figures ," said Dr. Wilson (Andrew Wilson), My Housing Market`s chief economic division. "

More than 7000 apartments are available in downtown Sydney`s commercial and eastern districts, with 4000 in the inner west and 3200 in the west.

The new figures are good news for tenants, with rents falling in several districts compared with the same period last year.

"The rental market appears to be highly vulnerable ," said Tim Lawless, head of research at the CoreLogic of the real estate Advisory Body. "

"But it won`t fall like a cliff. "

Baramada (Parramatta) is one of the few cities where rents have risen slightly against the trend.

house auction clearance and property sales are nearing their pre-emergency level.

Mr. Rorys expects further declines in the real estate market as government offers relief during the outbreak and delays in paying off the honeymoon.

"We may see more urgent sales of homes into the market. "

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