Sydney Vacancy Rates Turn In Favour Of Tenants
Renters are on the front foot as Sydney’s residential vacancy rate hits levels last seen in September 2012, according to research from the Real Estate Institute of New South Wales.
REINSW President Leanne Pilkington said the April 2018 REINSW Vacancy Rate Survey saw availability rise 0.3 percentage points to 2.5 per cent for the Sydney metropolitan area.
“The tide is beginning to turn for tenants with vacancy rates at 5-year lows,” Ms Pilkington said.
“There appears to be a saturation of supply, and agents are noting that previously high rents are becoming increasingly difficult to obtain.
“In Outer Sydney vacancy rates rose 0.2 percentage points to 2.5 per cent, while Inner Sydney and Middle Sydney both increased 0.3 percentage points to 2.2 per cent and 2.9 per cent respectively. In the Hunter, vacancy rates rose 0.1 percentage points to 1.7 per cent, with Newcastle up 0.4 percentage points at 2.2 per cent. The Illawarra added 0.3 percentage points to 2.1 per cent with Wollongong increasing 0.1 percentage points to 2.3 per cent.
Across regional areas, Albury slipped 0.4 percentage points at 1.8 per cent, the Central Coast fell 0.2 percentage points at 2.0 per cent, while the Northern Rivers added 0.1 percentage points to 1.3 per cent and the South Coast gained 0.5 percentage points to 3.0 per cent.
* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra. ‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby. ‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.