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Friday 16 June 2017

Middle ring Sydney tight

Rental vacancies tight

I spoke to the manager of an agency with a large rental roll in Sydney last week, and he noted that he had just one vacancy across his entire portfolio right now.

In his opinion, the next big news story could be the "Sydney rental crisis" as new macroprudential rules restrict investor activity.

Domain reported strong rental price rises for both houses and apartments in Sydney and Melbourne, the index moving into ling with SQM's asking rents index.

Elsewhere there were strong rises in rents in Canberra and Hobart, but significant annual declines in Darwin and Perth. 

The REINSW vacancy rate survey for May 2017 showed that middle ring Sydney has consistently recorded tight vacancy rates over the past four months. 

The other area seeing very tight rental vacancies is Wollongong, while property markets in Newcastle and the Hunter Valley have righted themselves after a tough period as the coal price crashed.