- In a tightening rental property market, 10 Sydney suburbs have nothing available
- As prices for dwellings rises, this is becoming a problem for home seekers
- All of the 10 have traditionally low vacancy rates, but are now zero
Across the country, there are 77,000 properties available for rent, according to SQM Research – however, in a tightening market, there are several suburbs and regions where there are simply no vacancies at all.
With a booming, and more expensive property market, how can home seekers even find somewhere to live, if they are priced out of the sales market, and with no rentals available?
This time last year, there were more than 105,000 rentals vacant in Australia, so overall there’s been a 27% drop in availability.
Looking into our largest city, Sydney, where the rental vacancy rate overall has recently dropped below 3%, there are ten suburbs where there are simply no available rentals at all.
The ten Sydney Suburbs with no rentals
According to SQM Research data, the following ten Sydney postcodes have no rental properties on the market, as of the week of 9 June:
|Postcode||Suburb||1 year ago||3 years ago|
Source: SQM Research
By comparison, these suburbs had low vacancy rates a year ago as well, averaging 1.3% vacancy. Three years ago, their combined average was 1.9%.
So, the trend has been down, as people are snapping up rentals almost as they come on the market, and perhaps not being able to break into the sales market.
A quick search of some of the property managers who work in these areas showed that there was virtually nothing on the market for the upcoming week as well. It is extremely tight in these areas, and the situation shows no signs of abating.
Claymore is located 54 kilometres south-west of Sydney, in the local government area of the City of Campbelltown. The majority of housing in Claymore is owned by Housing NSW. It had 7 rentals available in April, 3 in May, and none by June.
Hazelbrook is 93 kilometres west of Sydney in the Blue Mountains on the Great Western Highway, with a population of under 5,000 (2016 census).
There were 3 vacancies in April, 2 in May, and also none in June.
Closer to the Sydney CBD, Pleasure Point (2172) is in the south-western part of the metro area, 27 kilometres from the city centre. Its vacancy rate was been around 1% or less for years and has fallen to zero over the past month.
Source: SQM Research