New data offers slight glimmer of hope amid housing crisis
The vacancy rate in Sydney's rental market has slightly increased, offering a glimmer of hope amid the nation's housing crisis.
Vacancies in the city increased by 0.17 per cent in April, according to new data from PropTrack, although the vacancy rate still lies at just 1.59 per cent.
While the market has grown slightly, rental vacancy rates are still down 54 per cent from before the COVID-19 pandemic.
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Sydney's rental vacancies have only dropped 0.45 per cent in the last month, despite the recent uptick.
The high demand and limited supply have also pushed rental prices up 12.15 per cent in the last year.
Vacancy rates saw a 0.12 per cent uptick in regional New South Wales in April, up to 1.70 per cent.
Slight upticks in rental vacancies were also seen in other capital cities.
Melbourne increased by 0.10 per cent, while Brisbane and Adelaide saw a 0.10 per cent increase.
Perth wasn't far behind with a 0.9 per cent increase, while Hobart had the highest increase in rental vacancies at 0.31 per cent.
Canberra has the highest rental vacancy rate at 2.06 per cent, while every other city had a rate below 1.70 per cent.
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