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Commercial Property, Residential Property

Sydney vacancy rate shows sharp rise

The residential vacancy rate increased significantly in Sydney in November compared to other Australian capital cities, while the national residential vacancy rate rose only slightly to 2.2 per cent, according to SQM Research.

Data released by the research house revealed that while vacancy rates rose only marginally in most capital cities, vacancies in Sydney stood at 14,362 in November, up from 12,435 in October, giving a vacancy rate of 2.1 per cent, up from 1.8 per cent the previous month.

SQM Research managing director Louis Christopher said: “Sydney has recorded a larger rise. Rising from 1.8 per cent to 2.2 per cent is material.

“Rises occurred across all regions in Sydney, however, some of the larger month-on-month vacancy rises came from the northern beaches, Parramatta, the upper north shore and especially the hills district, where vacancy rates rose sharply to 3.7 per cent.”

Vacancies in Perth, however, remain the highest of any city, rising from 4.4 per cent in October to 4.5 per cent in November, while Hobart’s vacancy rate continued to remain at a record low of 0.3 per cent.

Melbourne recorded a slight increase, with the vacancy rate now at 1.8 per cent with 8872 rental properties available, while Canberra’s vacancy rate rose slightly from 0.8 per cent in October to 1 per cent in November.

Sydney continued to record the highest asking rent in Australia for a three-bedroom house at $728 a week and also for units at $519. Canberra followed at $606 a week for houses and $433 for units.

Hobart’s asking rents for units showed the largest drop at 3.6 per cent for the month, followed by Sydney, where unit prices fell by 0.7 per cent.

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