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October 18, 2016

Sydney vacancy rates are up

Residential vacancy rates have jumped in middle Sydney as more stock comes onto the market, according to data released by the Real Estate Institute of New South Wales (REINSW).

REINSW president John Cunningham says that in the September 2016 REINSW Vacancy Rate Survey, middle Sydney, rose 0.5 per cent to 2.1 per cent, leading a 0.1 per cent increase in the overall Sydney vacancy rate to 1.9 per cent.

“The middle Sydney vacancy rate has been affected by more stock coming onto the market,” he explains.

“Elsewhere across Sydney, the inner Sydney vacancy rate fell 0.1 per cent to 1.8 per cent and outer Sydney rose 0.1 per cent to 1.8 per cent.”

In the Hunter region, vacancy rates dropped 0.5 per cent to 2.2, led by a tightening of the Newcastle market at 1.9 per cent down 1.1 per cent.

In the Illawarra region, vacancy rates are back at levels seen six months ago at 1.3 per cent, down 0.3 per cent.

Wollongong was up 0.2 per cent at 1.3 per cent.

Across regional areas, Albury was down 0.2 per cent at 2.9 per cent, while Northern Rivers fell 0.3 per cent at 1.0 per cent and New England remained steady at 3.9 per cent.

In other REINSW news, managing director of propertybuyer.com.au Rich Harvey has been awarded the 2016 REINSW Buyers’ Agent Award for Excellence, a win that follows up his national award win for the Real Estate Business awards in June earlier in the year.

The award is judged by three independent judges who assess the quality of service to clients, accuracy of appraisals, network, leadership skills and professional development.

Harvey paid tribute to his team and clients in winning the award.

“I’m honoured, humbled and grateful to receive the award and this shows the growing popularity and use of buyers’ agents in the general community. “Although my name’s on the award, I am especially proud of my team of buyers’ agents across Sydney and support staff for their continued dedication to customer service, client loyalty and standing up for the rights of buyers.”

Harvey has a reputation for being an advocate for the buyers’ agent industry and serves on a voluntary basis as president of the Real Estate Buyers Agent Association of Australia (REBAA). He’s also chairman of the Buyers’ Agent Chapter of the REINSW.

His lobbying efforts recently led to the inclusion of buyers’ agents on the front page of the new contract for sale and purchase of land and he’s currently lobbying for further changes to improve the licensing and training standards for buyers’ agents.

SQM Research vacancy rate figures:

vacancy-rate-table

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