Sydney residential vacancy rates have stablised, according to data released by the Real Estate Institute of New South Wales.
The April 2015 REINSW Vacancy Rate Survey saw availability remain at 1.9 per cent, the same level seen in March, despite changes across all metropolitan areas.
“Availability in Inner Sydney* actually declined from 1.9 per cent to 1.7 per cent”, REINSW President Malcolm Gunning said. “However, the number of properties available to rent in Outer Sydney* increased from 1.7 per cent to 2.0 per cent and Middle Sydney* slipped from 2.3 per cent to 2.1 per cent.
“Inner Sydney vacancy rates peaked in February at 2.4 per cent and we are likely to see stock levels rise again as more new apartments near completion in the coming months. This will see vacancy rates start to trend upwards again, which will provide a wider selection for those looking to rent,” Mr Gunning said.
Availability in the Hunter jumped 0.8 per cent to 3.9 per cent, boosted by a 1.2 per cent increase in Newcastle, which rose to 4.6 per cent.
Wollongong had a much-needed rise of 0.8 per cent to 1.8 per cent, which resulted in an increase of 0.3 per cent to 1.3 per cent in the Illawarra.
In regional areas the hardest place to find rental accommodation was the Northern Rivers, which was steady at 1.2 per cent, and New England saw a fall of 1.5 per cent to 2.5 per cent.
Availability in Coffs Harbour increased 0.8 per cent to 3.1 per cent and South Eastern had a vacancy rate of 5.1 per cent despite a decline of 0.2 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.