Sydney CBD jumps to 16 per cent vacant as state-wide vacancies reach four per cent

The vacancy rate in the Sydney CBD continues to blow out as COVID-19 leaves the city emptying.

The vacancy rate rose to 16.2 per cent over May, up from 13.8 per cent in April and double this time last year.

Palm Beach, Sydney's weekender playground for the millionaire's, is 16.7 per cent vacant.

Brisbane and Melbourne's CBD's are both up, void of international students.  

Overall the national wide vacancy rate is down to 2.5 per cent, from 2.6 per cent in May.

Now there are 86,398 vacant properties across the country.

Sydney and Melbourne however bucked the trend, with their state-wide vacancies rising to four per cent and 3.1 per cent.

Melbourne’s vacancy rate had the highest percentage increase of 0.3 per cent, while Sydney has the highest vacancy rate in the country.

Adelaide and Hobart both have the lowest vacancy rate in May at 1.2 per cent.