Sydney residential vacancy rates remain positive with supply starting to meet demand, according to data released by the Real Estate Institute of New South Wales.
The July 2015 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney retreat 0.2 per cent to 1.9 per cent, as seen in March, April and May.
“Supply is still strong,” REINSW President Malcolm Gunning said. “Vacancy rates remain close to 2.0 per cent which shows that supply is starting to meet demand.
“Despite the 0.2 per cent decline month on month we still we think it is a good result and shows a strong stream of property on the market starting to feed the migration into Sydney.
“Inner Sydney saw falls of 0.5 per cent to 2.1 per cent, while Middle Sydney and Outer Sydney, saw falls in availability of 0.2 per cent at 1.7 per cent and 0.1 per cent to 1.6 per cent respectively.
“Outer Sydney has hit levels last seen in December 2014,” Mr Gunning said.
In the Illawarra the overall vacancy rate fell 0.5 per cent to 1.7 per cent, led by a fall of 1.0 per cent to 1.4 per cent in Wollongong.
The Hunter region saw availability rise 0.2 per cent to 3.7 per cent and the region with greatest availability was New England which jumped 1.2 per cent at 4.6 per cent. South Eastern slipped 0.6 per cent to 4.1 per cent and Orana saw availability rise from 2.9 per cent to 4.0 per cent.
Northern Rivers and the Mid North Coast had the lowest vacancy rate at 1.4 per cent, down 0.1 per cent and 0.6 per cent respectively, while Albury was up 0.2 per cent at 2.2 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.