Sydney price decoupled from vacancy

Hello PC friends, its my first post for a very long while, ever since I had the second kid and been sitting idle on the sideline, I didn't have much posting and keeping track. I am posting because i am fascinated by the Sydney market recently, it has been doing incredibly well for the last two months despite the vacancy trends. This month seem like another blistering record setting month for both the Sydney and Melbourne market. With vacancy at record high and rents falling, people seem completely ignorance of it. My take on the reasons are interest rate cuts, fomo mindset conditioned from the previous boom and lack of quality homes ? But what else? I am keen to hear from PC experts.

 

Is it because the vacancies are concentrated in the new build highrise areas, and the price rises are in the oo heavy detached house areas?

Vacancies and rental yield dont matter to owner occupiers.

 

I think in certain areas this is certainly the case , but according to rp data for last month, apartment has gone up more than houses at 1.8%, very surprise to see that with all the bad press and vacancies. Very puzzling...