Sydney rental vacancy highest since 2005

Someone doin a gf build in ryde. Vacacncy rates are rubbish. Also another were considering in hills. Vacancy there is also through the roof.☺

Only place where it makes sense in Sydney is Eastern suburbs and inner west and northern beaches

 

Hey hold the press....some people are going BBS..and building GFs in Logan...now that is real BBS style mate!

 

Had to drop $60 in one of my properties and was 4 weeks vacant before we scored a good tenant. But I suspect in the long run, we will still have under supply with issues in the new apartments and population growth

 

These guys dont know how to handle the BBS like you or I buddy

It's been happening for ages... only makes sense in very few areas!

 

What area and what was original asking price?

 

Change agents
Any agents that was around in Early 2000s would have seen this and maybe worse.


People have short term memories.

In saying that my rents have all held and have had increases this years So im lucky or properties in right areas.

 

So I had to wait until I could go through my saved listings to confirm. From what I see I can't validate your theory. Plenty stock hanging around with lower asking prices around North Strathfield area and concord within 10 mins walking distance to North Strathfield station.

I'd say it could be limited to the stock I follow. 3 bedroom homes in the 700-900 range. These homes are often unrenovated and a bit dated.

 

We just sold our apartment in Sydney's east with the plant to upgrade to a terrace. We've decided to rent for the time being after seeing some pretty drastic drops in the eastern suburbs rental market. We've pocketed the cash from our sale and will soon be moving into a rented terrace for which we offered $250 a week less than they were asking and got accepted and will be paying $1100 a week on a house that sold last year for almost $2m... it's a bit of a no-brainer

 

Wow ....that is a deal.....that is like 2.8% return.....that would about cover about council and land tax rates and leave about 20k left over for a mortgage!!!

Jodes where was your apartment you sold....

 

Have been boots on the ground here. Surry Hills, Woolloomooloo, Darlinghurst, Kirribilli.

Looking at 2-2-1s, speaking with agents. There is plenty and I mean plenty of stock.

Looked at one last night, previous tenants rented for $900 PW, put on the market for $850 PW has been vacant since June and dropped again for $825 PW last week. I think they would take $800

For apartments in that $800 - $950 range, there is so much available. Feels like a lot of the renter market taps out at high $700s for a 2-2 / 2-2-1

We went and visited an apartment in Kirribilli. Bathroom needed a renovation - $5k job, instead, they replaced the vanity unit (off the shelf Bunnings number)

The result, the apartment has sat vacant for 3 months and the agent keeps getting feedback about the bathroom!

Certainly, don't have to rush a decision here. Coming from New York - in the summer stock moves daily!

 

It's coming out in the statistics pretty clearly now:

Domain Rental Vacancy Rate July 2019: Sydney rental stock increases by more than 5000 listings

Sydney up to 3.3% vacancy up from 2.5% this time last year and 1.6% the year before. There must be some landlords doing it pretty tough out there. Make a low ball offer and they might accept given the amount of stock sitting empty. Melbourne's creeping up but nothing like the scale of Sydney due to faster population growth and being a bit behind Sydney in the construction boom timing.

 

No, bad agents are great for buyers!! I keep them all close!