Residential vacancy rates in Sydney rose slightly in July as more new apartment stock entered the marketplace, according to data released by the Real Estate Institute of New South Wales.
The July 2014 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney rise 0.2 per cent to 2.0 per cent.
“Inner* Sydney vacancy rates led the way with an increase of 0.1 per cent to 2.0, while the outer* suburbs increased 0.4 to 1.9. The middle suburbs bucked the trend with a fall of 0.2 per cent, but remain at the neutral level of 1.9 per cent,” REINSW President Malcolm Gunning said.
“We expect this growth in rental accommodation to continue as even more new stock enters the marketplace."
Looking outside the metropolitan area, availability in the Hunter rose 0.5 per cent despite a decline of 0.3 per cent in Newcastle at 3.2 per cent.
The Illawarra rose 0.3 per cent at 2.1 per cent, with Wollongong steady at 2.1 per cent.
Availability in New England hit an 11-year high up 0.2 per cent at 4.2 per cent. This level was last seen in October 2003, when the vacancy rate hit 4.8 per cent.
On the South Coast availability rose 1.4 per cent at 4.1 per cent and the Central West was down 0.5 per cent at 3.9 per cent.
Vacancy rates in the Murrumbidgee were up 0.5 per cent ay 1.7 per cent and Albury rose 0.7 per cent at 1.8 per cent.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or [email protected]
* 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.