Middle Sydney Leads Vacancy Rate Rise
Residential accommodation options in middle Sydney has hit a five year high with availability favouring those seeking to rent property in the area, according to the Real Estate Institute of New South Wales.
REINSW President Leanne Pilkington said the January 2018 REINSW Vacancy Rate Survey saw availability in middle Sydney up 0.3 percentage points to 2.9 per cent.
“This is the highest level since August 2012 when the vacancy rate for middle Sydney was at 3.0 per cent, Ms Pilkington said.
“The area has seen a significant increase in available stock and a decline in applications,” she added.
In Inner Sydney, vacancy rates rose 0.1 percentage points to 2.1 per cent, while Outer Sydney slipped 0.1 percentage points at 2.2 per cent. The vacancy rate across metropolitan Sydney rose 0.1 percentage points at 2.3 per cent.
Looking elsewhere, the Hunter is also seeing vacancy rates of more than five years ago, although this time at the lowest levels, after it fell 0.2 percentage points at 1.5 per cent. Newcastle led the decline with a drop of 0.4 percentage points at 1.3 per cent, a level last recorded in November 2012 when the rate was at 1.2 per cent.
In the Illawarra, vacancy rates rose 0.2 percentage points to 1.9 per cent. Wollongong was up 0.8 percentage points at 2.5 per cent.
Across regional areas, New England and Coffs Harbour rose 0.5 and 0.7 percentage points respectively to 2.5 per cent, while Northern Rivers fell 0.1 percentage points at 0.8 per cent.