Property Buzz

PropertyBuzz, your daily dose of property news.

The New South Wales Vacancy Rates Rollercoaster, a new president for a scandal-plagued strata organisation, and auction success is on the up.

Welcome to Property Buzz! I’m Grace Ormsby. Today is Tuesday, 09 July.

And Sydney’s rental vacancy rate has risen to 1.7 per cent due to higher vacancy rates in the city’s inner and middle suburbs.
– according to the Real Estate Institute of New South Wales, tenants are moving further out from the city, intensifying pressure on the outer areas of Sydney as well as some regions.
Areas still struggling with low vacancy rates include the Illawarra, where vacancy rates are at 1 per cent.

Riverina, and Murrumbidgee have also got vacancy rates lower than 1 per cent, while the Northern Rivers is not much better, with a 1.1 per cent vacancy rate recorded over June.

– The Strata Community Association (SCA) has appointed a new president in Joshua Baldwin.

As the youngest ever leader of the organisation, Baldwin will be required to address a lack of trust in the sector, following on from scandals around mismanagement of assets and inflated commissions by former industry leaders.

He’s already planning to implement a “six-step plan to ensure confidence” in the sector.

Turning our attention to auctions now and auction volumes fell across the country last week, according to CoreLogic.

Even so, buyers turned out in force, with stronger auction success rates on show across every capital city, barring Canberra.
– Corelogic expects auction volumes to continue to decrease in the coming week before rebounding, with around 1,500 homes scheduled for auction over the coming week, down from the 1,700 that took place last week.

That’s Property Buzz for today.

See you again tomorrow, 10 July, for your daily dose. 

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