> While dwellings are vacant for a number of reasons they are primarily associated with holiday areas
[ http://australianpropertyforum.com/blog/main/3204321 ]
As someone who does live in the inner-city of Sydney and pay $3100USD/month for a shoebox. I would be incredulous if there were a large amount of vacancies beyond normal turnover.
There are usually bidding wars for property sales (most inner-city properties are sold by auction) and dozens of applications for rentals.