New report shows Sydney is now a market for renters

The vacancy rate of rental property in Sydney reached 13 year high, rents are set to drop.

Footscray - A marvellously multicultural hub a stone’s throw west of the city. Source: realestate.com.au

According to new data released by SQM Research, the vacancy rate of rental property in Sydney reached 13 year high to 2.8%, with more high rise accommodation set to reach the market and the growing trend of interstate immigration to Queensland, Sydney is now considered a "buyer and renter's market".

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