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Rental vacancies spike in Sydney, Melbourne

Vacant rental properties are piling up in Sydney and Melbourne, with new data from CoreLogic showing the closure of Australia’s international borders is having adverse impacts on residential leasing markets.

Rental vacancies spike in Sydney, Melbourne
Apartment development in Sydney has significantly added to rental supply in recent years. Photo: Shutterstock

Vacant rental properties are piling up in Sydney and Melbourne, with new data from CoreLogic showing the closure of Australia’s international borders is having adverse impacts on residential leasing markets.

Sydney’s rental vacancy rate hit 4.5 per cent in May, the highest in the nation, while Melbourne’s rose to 3.6 per cent, according to the latest research from CoreLogic.

CoreLogic Australian head of research Eliza Owen said much of the incr…