Sydney, Melbourne house prices up more than 10pc in year before shutdowns

in early June, offering eligible home buyers and renovators $25,000 to help boost the construction industry and stimulate activity in the housing market.Data from SQM Research, also released on Tuesday, found Sydney's vacancy rate lifted to 4 per cent in May, from 3.9 per cent the month before, while Melbourne's increased to 3.1 per cent from 2.8 per cent.

In the Sydney CBD there were more than 1500 empty homes in May, compared with 745 at the same time last year. In Melbourne, 1900 homes do not have a tenant, up from 431 in May 2019. Within the Sydney CBD, 16.2 per cent of rental homes sat empty in May, while Melbourne CBD and Brisbane CBD recorded 9.3 per cent and 13.3 per cent vacancy rates over the month.

SQM Research managing director Louis Christopher said the figure was likely to stay high as international borders remained closed and underlying growth in demand for rentals had typically come from migration."Weekly rental listings suggest a decline in supply for the first half of June," he said, adding it appeared some property owners had started pulling down long-term rentals in the hopes demand for Airbnbs would lift as tourists returned.

Source: Holiday News (holidaynews.net)

10% increase in house prices in 12 months Did anyone receive a 10% pay rise in the last 12 months

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