Looking at the past quarter of residential real estate, we saw two prominent trends. “low stock and low vacancies”. Low Vacancies We saw the Parramatta regions' residential vacancy rates dropping below 1.2% to mark a decade-low, sparking a surge in rental prices. This scarcity in available properties for lease signifies an intensely competitive market, amplifying rental costs amid high demand and limited supply. Low Stock The scarcity of residential properties for sale in July and August 2023 led to a significant uptick in housing prices. Compared to the previous year, the reduced stock levels underscored a seller's market, intensifying competition and driving prices upwards. Quarterly Market Trends.
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