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According to CoreLogic, the share of advertised rental housing increased in the two cities in May, bucking the downtrend recorded by the rest of capital city regions. The share of advertised rental stock increased to 4.5% in Sydney and to 3.6% in Melbourne. The increase in advertised rental stock was only apparent in Sydney and Melbourne. While rental markets across Australia have been affected by the COVID-19 outbreak, Owen said Sydney and Melbourne have to bear the brunt of these impacts. Overseas migration is one of the biggest determinants of rental accommodation. Given the closure of borders and travel restrictions, demand for rental homes slowed down. Of all capital cities, Sydney and Melbourne remain the top destination for overseas migrants. In fact, the two cities welcomed over 70,000 migrants over the financial year 2018-2019 — this is significantly higher than the net migration recorded by other capital cities. Owen said another reason was Sydney and Melbourne's exposure to international students. "With foreign student numbers falling by close to 100% compared with a year ago, along with domestic students largely studying from home, rental demand from tertiary students has been depleted," she said. Source: x Big cities exposed to rent drops? Demand continues to soften in two biggest rental markets while listings rise www.yourinvestmentpropertymag.com.au

The percentage of rental housing advertised rose over the month of May in Sydney and Melbourne, while declining across the rest of the capital city regions. 4.5% of the total rental stock across Sydney was advertised over May, up from 4.3% in April. The portion of stock advertised across Melbourne saw an even larger jump, from 3.2% of listings advertised in April, to 3.6% of properties over May. While 3.6% may sound small, it represents a total rent listing uplift of more than 3,000 across Melbourne, up to about 27,000 properties for rent over the month. This corresponds to a rise in vacancies, and falling rental prices, particularly in inner-city Sydney and Melbourne… One of the big drivers of demand for rental accommodation is overseas migration. Most people that come to Australia from overseas, whether they are a skilled migrant, a temporary visa visitor or a refugee, will rent when they first come to Australia. ABS data on migration suggests that Sydney and Melbourne received over 70,000 net overseas migrants over 2018-19, which is far higher than the other capital cities. This may be why an increasing amount of properties across the cities are sitting vacant. Sydney looks especially vulnerable given it has Australia’s highest concentration of investment properties. It is also most reliant on net overseas migration. Source: x CoreLogic: Rental stock "piling up in Sydney and M... CoreLogic’s head of research, Eliza Owen, has released research showing that rental stock is “piling up in Sydney and Melbourne” as immigration and international student numbers fall: The percen... www.macrobusiness.com.au

More than 500 properties went under the hammer this week, with research group CoreLogic reporting a preliminary clearance rate of 68.5 per cent from 336 results declared so far. The clearance rate last week was 67 per cent and over the same week last year it was 60.9 per cent. Only about 40 per cent of auctions cleared during the height of lockdown in April. Properties counted as cleared at auction included 89 homes that sold prior to going under the hammer. There were 63 properties that passed in and 43 were withdrawn. More results will be collected in the coming days. Other Sydney sales included a North Epping home on 700sqm sold for $1.428 million just to be bulldozed. Get details at: x Success rate of Sydney auctions starting to creep ... Sydney’s auction market has been steadily strengthening and is in a stronger position than over this time last year, research shows. One sale saw a buyer pay $1.42m just to bulldoze a house down. www.realestate.com.au

Demand for ‘pet-friendly’ rental property is on the rise in Sydney as more people opt to live with a dog or cat – with one tenant even found with a horse living in his apartment. The number of inquiries for animal-accommodating rental properties has been rapidly increasing 20 per cent every month during the past year. REA Chief economist Nerida Conisbee said the statistics show that those looking to lease a home or apartment ‘overwhelming’ want to be able to live with their four-legged family member. “If you want to widen your pool of potential renters then allowing pets makes sense,” she said. The top Sydney suburbs for pet friendly listings are Penrith, Wentworth Point, Surry Hills, Umina Beach, Lane Cove, Ryde, Zetland, Marrickville, Chatswood, Parramatta. Read details at: x Demand for pet-friendly rental property is on the ... Demand for ‘pet-friendly’ rental property is on the rise in Sydney as more people opt to live with a dog or cat – with one tenant even having a horse living in his apartment. www.realestate.com.au

Kellyville in Sydney’s northwest has become the city’s most popular suburb to buy a home, accounting for more house and unit sales than anywhere else. The large suburbs were among just five Sydney suburbs where there were more than 500 property sales. The others were Castle Hill and Baulkham Hills in the northwest and northern beaches enclave Dee Why. Mosman had the highest volumes of sales for a suburb east of the Sydney CBD at 482 transactions, followed by Randwick. Hurstville had the most sales in the St George region, while Cronulla was the most popular suburb in the Sutherland Shire for property purchasers. Kellyville’s popularity with property buyers may have much to do with the categories of housing commonly found there. Source: x Most popular suburbs to buy a home: northwest Sydn... Bondi and Mosman may be our dream locations, but one region dominated by large houses, many newly built, is where the most Sydneysiders are actually buying property. www.realestate.com.au