Sydney residential vacancy rates have risen as more stock enters the marketplace, particularly in Inner Sydney, according to data released by the Real Estate Institute of New South Wales.
The June 2015 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney rise 0.2 per cent to 2.1 per cent.
“Inner Sydney jumped from lows of 1.7 per cent in April and May to 2.6 per cent in June, a figure last seen some 10 years ago in September 2005 when vacancy rates hit 3.0 per cent,” REINSW President Malcolm Gunning said.
“The increase is due to a large number of apartments that have been released into the market, which are not moving as quickly as expected. This is good news for tenants looking to live in the inner city.
“There is a different story in Middle Sydney and in particular Outer Sydney, which have seen vacancy rates fall 0.3 per cent to 1.9 per cent and 0.2 per cent to 1.7 per cent respectively.
“There are declining vacancy rates in Outer Western Sydney because the construction cycle has lagged behind the Inner Suburbs and big infrastructure projects are driving demand.
“We are seeing people moving from the mines to these areas because there are many jobs in construction.
“In the future you would expect to see rents rise in the Outer Suburbs and fall in the Inner Suburbs,” Mr Gunning said.
In the Illawarra the overall vacancy rate rose 0.4 per cent to 2.2 per cent, led by an increase of 0.3 per cent to 2.4 per cent in Wollongong.
The Hunter region saw availability rise 0.4 per cent to 3.5 per cent despite a fall of 0.4 per cent to 3.8 per cent in Newcastle.
The region with the highest availability was the South East, up 0.5 per cent at 4.7 per cent. The Central West rose 0.2 per cent to 3.5 per cent.
Northern Rivers has the lowest vacancy rate at 1.5 per cent, up 0.4 per cent. While Albury, Mid-North Coast, and Murrumbidgee were all at 2.0 per cent.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or email@example.com.
* 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.