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Sydney property market swollen with 30,000 empty rentals

9News.com.au logo 9News.com.au 30/06/2020 Charles Croucher

There are currently more vacancies in Sydney's rental market than ever before, according to new data obtained by 9News.

More than 30,000 homes and apartments are currently empty.

The collapse of short-term rentals, combined with a drastic drop in students seeking accommodation, is driving the vacancies.

Sydney's property market has more rentals up for lease than ever before. © 9News Sydney's property market has more rentals up for lease than ever before.

"There's really no sign that we are going to see an easing in new supply or an increase in new demand that will soak up these numbers," Dr Andrew Wilson, chief economist with My Housing Market, said.

More than 7000 apartments in Sydney's CBD and Eastern Suburbs are available, with 4000 apartments in the Inner West and a further 3200 in the Western Suburbs.

"I think that's just a matter of choice," Dr Wilson says.

"I do think it reflects the profile of prospective tenants".

a view of a city: About 30,000 empty residences now sit on the market. © 9News About 30,000 empty residences now sit on the market.

The new figures are good news for perspective renters with prices dropping in several suburbs compared to this time last year.

"It does look like rental markets are highly fragmented", Tim Lawless of CoreLogic says.

"Certainly not falling off a cliff."

a close up of a map: The vacancies are spread widely. © 9News The vacancies are spread widely.

Parramatta is one of a handful of suburbs bucking the trend, with rental prices slightly higher.

Auction clearances and property transactions are almost back to pre-COVID-19 levels.

Mr Lawless is forecasting further falls in coming months as government payments ease and loan extensions end.

"We will probably see more urgent sales coming into the market place."


Video: Spike in rental market vacancies (9News.com.au)

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