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Sydney, NSW 2000 Review



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National residential rental vacancy rate remained stable at 2.0 per cent over September, with the total number of vacancies now sitting at 70,389, according to the latest data from SQM Research. This time last year, the national vacancy rate was slightly higher at 2.1 per cent. Across capital cities, only Melbourne recorded an increase from 3.4 per cent in August to 3.8 per cent for September. As stage 4 COVID-19 lockdowns continue in the Victorian capital, the city has surpassed Sydney as having the highest vacancy rate in the nation, with an additional 2,316 vacant properties. Looking closer into central business districts, Melbourne CBD’s vacancy rates increased to a new record high of 10.8 per cent, up from August’s 10.0 per cent. Brisbane CBD also saw an increase in vacancy rates from 11.4 per cent to 12.5 per cent. On the other hand, Sydney CBD’s vacancy rates slightly dropped from 12.9 per cent in August to 12.8 per cent in September. Melbourne and Sydney continue to record declines in both house and unit asking rents over the month of September, with Sydney recording the largest declines of 1.7 per cent for houses and 1.2 per cent for units. Median house rent is Sydney is now $611.70 while median unit rent is $452.10. Continue reading at: x Melbourne surpasses Sydney with highest vacancy ra... Most capital cities recorded declines in vacancy rates over September except Melbourne, which now records the highest vacancy rate across the nation.
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Carlo Palamara, senior sales executive at Sekisui House, which is a developer of The Orchards masterplanned community located in Norwest, said Sydney’s north west growth corridor is experiencing growth, with apartment sales increasingly popular with first home buyers, especially those with a price point under $600,000 in well-located masterplanned communities. “Sales results continue to exceed expectations. Over 60 per cent of residences (57) in the Japanese-inspired golf-side building Aire valued at $30 million have been sold. First home buyers seeking to take advantage of government grants represented over 70 per cent of these sales, with downsizers and investors securing the remainder,” Mr Palamara said. “The stamp duty exemption, $25,000 HomeBuilder and $10,000 FHB grants have all spurred first home purchasers into action. A saving up to $55,000 on a one-bedroom apartment under $600,000 is a major incentive.” “Local Baby Boomers living within a five-kilometre radius from Norwest are also selling their homes and downsizing to large two- and three-bedroom apartments. Generally, they are purchasers selling a home around $1.5 million to buy an apartment in the range of $900,000 to $1.1 million. Extra cash is then left over to enjoy retirement.” Source: x FHB sales spike recorded in Sydney’s north west An increasing amount of first home buyers are calling Sydney’s north west home, with apartment sales spiking in the area.
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