‘Ghost tower syndrome’ growing
A record number of empty apartments, a growing shortage of buyers and tenants and record new supply has created an unprecedented phenomenon: ghost tower syndrome.
There are currently 9446 apartments listed for sale in Sydney with more than 20 per cent – or almost 2000 of them – new.
After the record unit building boom of the past three years, the Sydney market is at peak new supply.In addition to record numbers of apartment listings, Sydney is also experiencing a glut of rental units looking for a tenant.
The carnage is widespread from the city to Parramatta, Liverpool, Ryde, Chatswood and Bankstown.
There are currently 16,201 units listed for rent in Sydney – up more than 50 per cent over the past year – reflecting unit vacancy rates rising sharply from 2.1 per cent to 3.3 per cent over the same period.