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Sydney markets showing impacts of COVID-19

Renters in Sydney are bailing on near-city suburbs en masse, while at the same time sales data is starting to illustrate the impact of the economic wreckage wrought by COVID-19.

Sydney markets showing impacts of COVID-19
Renters are exiting Sydney's pricey inner suburbs for more affordable locations further from the CBD. Photo: Shutterstock

Renters in Sydney are bailing on near-city suburbs en masse, while at the same time sales data is starting to illustrate the impact of the economic wreckage wrought by COVID-19.

New data from the Real Estate Institute of New South Wales showed rental vacancies rose for the third consecutive month in May to hit 4.1 per cent, up 0.3 per cent on the previous month and 1.1 per cent from March.

REINSW chief executive Tim McKibbin said Sydney’s Inner…