After dropping for four consecutive months, the REINSW Vacancy Rate Survey results for September 2021 show that residential rental vacancies in Sydney are once again on the rise.
“Sydney has been in lockdown now for more than four months and vacancies have been dropping for that same period, with many people staying put while stay-at-home orders have been in place,” REINSW CEO Tim McKibbin pointed out. “However, as the vaccine target approaches and we all look forward to ‘Freedom Day’, it seems that tenants are once again considering their options to move beyond the Sydney basin.
“Increasing 0.5% for the month, the vacancy rate for Sydney overall is now 3.1% – the highest it’s been since May 2021. Vacancies in Sydney’s Inner and Outer Rings increased to 3.7% (+0.8%) and 2.2% (+0.5%) respectively. In contrast, vacancies in the Middle Ring dropped marginally by 0.1% to be 3.9%.”
Outside Sydney, vacancies again dropped significantly in Newcastle to 1.5% (-0.7%), however the number of available properties rose in Wollongong to 2.0% (+0.5%).
The number of available rental properties across the majority of regional New South Wales dropped over the last month.
“Vacancy rates in the regions remain historically low and have continued to tighten,” Mr McKibbin said. “The Central West was the only area to record an increase in vacancies during September, though this increase was only slight, and the Riverina and South Coast areas remained stable.
“All other regional areas recorded drops, indicating that the residential rental market continues to find itself at the mercy of the COVID-19 pandemic.
“Since April last year, the residential rental market has experienced a rollercoaster ride of ups and downs across New South Wales, and landlords and tenants alike are doing their best to respond to unpredictable market conditions.
“Let’s hope this unpredictability abates as vaccination levels increase and lockdown conditions ease, and we all start to feel some certainty about the way forward.”
The REINSW Residential Vacancy Rate Report is based on the proportion of unlet residential dwellings to the total rent roll of REINSW member agents on the 15th of each month. Carried out monthly, the research – a survey of REINSW member agents conducted by Survey Matters – collects the total properties on agency rent rolls, the number of properties that were vacant on the 15th of the month, and the postcode in which a majority of agents’ rental properties are located. The suburb-level rates reported by agents are weighted based on ABS Census 2016 Dwelling Characteristics. The March 2021 report is based on survey responses covering 113,568 residential rental properties.
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The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offer training and ongoing professional development. For more information, visit reinsw.com.au.