Vacancy rate rises and rents fall in Sydney

The median house price in Sydney fell by three per cent to $495,000, in the June quarter. The Real Estate Institute of NSW said house prices fell most in the middle ring suburbs, with prices down by nine per cent. Prices fell by one per cent in inner city suburbs. In wealthy localities such as Mosman and Woollahra, prices fell by around 10 per cent. The REINSW said vacancy rates for investment properties increased to 2.7 per cent in the June quarter from 2.4 per cent in March. The average rent for a two bedroom house in Sydney fell by two per cent over the quarter.