Latest vacancy rates show impact of COVID-19 pandemic far from over – REINSW
Story: The Real Estate Conversation
The REINSW Vacancy Rate Survey results for October 2020 show that the COVID-19 pandemic continues to impact the residential rental market NSW.
The REINSW Vacancy Rate Survey results for October 2020 show that the COVID-19 pandemic continues to impact the residential rental market across New South Wales.
Vacancies in Sydney overall increased again and now sit at 4.3% – up 0.2% from September, but still below the historic high of 5.0% in July.
“In October, vacancies in Sydney’s Inner Ring are back to the all-time high of 5.8%,” REINSW CEO Tim McKibbin said. “After a 0.6% drop in August, vacancies have again been on a steady rise in the inner city, indicating that the COVID-19 fallout is far from over for landlords.
“Sydney’s Outer Ring also experienced an uptick in vacancies, moving 0.5% to be 2.6% in October. However, the Middle Ring bucked the trend, dropping 0.6% to 4.9%.”
Both the Newcastle and Hunter regions followed Sydney’s upward trend, recording increases to 1.4% (+0.3%) and 1.8% (+0.4%) respectively.
“Vacancies across much of regional New South Wales remain extremely tight,” Mr McKibbin said. “Vacancies in some areas eased, while other areas tightened – however the results show that stock remains tight across all non-metropolitan areas.
“From the earliest stages of the onset of the COVID-19 pandemic, we saw tenants relinquishing their properties in favour of more affordable options in suburbs more distant from the popular metro hubs and, in fact, even further afield into regional areas.
“This trend shows no sign of abating.
“What’s clear is that COVID-19 continues to have a significant impact on the residential rental market across New South Wales and this is something that’s unlikely to change in the coming months,” Mr McKibbin said.