Rental homes in short supply as city slickers move in
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Rental homes are in short supply across some regional, coastal and outer suburbs in Sydney, Perth and Brisbane, with vacancy rates close to zero, as city slickers move into markets that were already undersupplied.
It is the lifestyle destinations and affordable suburbs where houses to rent are most scarce. An analysis of areas with populations between 30,000 and 130,000 by Suburbtrends.com found vacancies in Manly in Sydney’s Northern Beaches has dropped by almost half to just 1.2 per cent in March, compared with a year ago.
Coastal Cronulla in the city’s south fell by a similar amount to 1.3 per cent. In Sydney’s west, vacancy rates dropped sharply, including at St Marys where they are at 1.4 per cent.
Property market update: Sydney, February 2021
By Zarah Mae Torrazo
08 March 2021
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1 minute read
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Property prices across the country rose at the fastest rate in 17 years, with Sydney leading the charge. While the housing market boom is dispelling fears of a COVID-induced downturn, how will the NSW capital’s property market fare moving forward? p span style font-weight: 400; a href https://www.smartpropertyinvestment.com.au/data/nsw/2000/sydney Sydney /a ’s property market continues to show strength in February, leading the record-breaking increase in dwelling prices across the country seen during the month. /span /p p span style font-weight: 400; The NSW capital’s property market is seen to continue booming, boosted by government policies designed to ensure prices keep rising. While overall, the /span a href https://www.smartpropertyinvestment.com.au/data/nsw/2000/sydney span style font-weight: 400; Sydney /span /a span style font-weight: 40
Lack of property listings is generating FOMO macrobusiness.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrobusiness.com.au Daily Mail and Mail on Sunday newspapers.
Buyers are snapping up properties faster than sellers can list, with the total number of properties for sale nationwide falling despite new listings picking up.
Home buyer demand is swamping supply, leading to predictions that the stock shortage will continue, underpinning continued strong national price rises.