11 September 2019

Sydney stabilises as rental vacancies jump in the Illawarra and decrease in the Hunter region

REINSW releases its August 2019 Vacancy Rate report.

The August REINSW Residential Vacancy Rate reveals Sydney’s rental market remains steady, with only minor fluctuations in Inner (up 0.4% to 3.4%) Middle (down 0.2% to 3.9%) and Outer Sydney (up 0.1% to 3.5%). Things are looking positive for landlords in the Hunter Region, which recorded its lowest vacancy rates of the year, but further south, the Illawarra has again experienced major fluctuations, with Wollongong seeing a near 1% rise in vacancy rates compared to July.

“It’s positive to see Sydney’s rental market stabilising following a period of volatility. The early indicators suggest as we move into the warmer months, we can expect vacancy rates to fall,” says REINSW CEO, Tim McKibbin.

“Whether this will translate into the Illawarra or drive even more competition in the Hunter market will be interesting to see.”

Sydney data

Overall, Sydney experienced a 3.6 per cent vacancy rate in August, up 0.1 per cent on July. Inner Sydney saw an increase of 0.4 per cent to 3.4 percent in August compared to the 3 per cent recorded in July. Middle Sydney experienced a slight decrease of 0.2 per cent from 4.1 per cent in July to 3.9 per cent. While outer Sydney rose 0.1 per cent to 3.5 percent from 3.4 percent in July. Among the suburbs experiencing the highest vacancy rates is Darling Point, Kurrajong and Chatswood.

Hunter data

More homes are occupied in the Hunter Region which has posted an overall vacancy rate of just 1.4 per cent, down 0.3 per cent on July. It’s the lowest rate of the year, following a high of 2 percent in December. Newcastle also experienced a drop of 0.1 per cent on July, sitting at 1.5 percent for the month of August.

Illawarra data

Overall, the Illawarra experienced a slight increase of 0.1 per cent on July, to 2.3 per cent. However, Wollongong has again experienced a major fluctuation, with vacancy rates jumping to 2.4 per cent compared to the yearly low of 1.6 per cent recorded in July. The coastal city has been caught in a period of instability since January where rates skyrocketed to 3.9 per cent, up 1.2 per cent on December.

Other regional NSW areas

50 per cent of the other regions recorded a rise in vacancies in August, particularly the South Eastern region which jumped 0.7 per cent to 4.1 per cent and the Mid-North Coast which is up 0.5 per cent to 2.6 per cent. Orana experienced a decline of 1 per cent with vacancy rates now sitting at a low of 1.5 per cent. While Coffs Harbour saw the biggest decline of 1.9 per cent, from 3.2 per cent to 1.3 per cent.

Residential vacancy rate percentage

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 August report is based on survey responses covering 118,424 residential rental properties. 

 

SYDNEY

Aug 19

Jul 19

Jun 19

May 19

Apr 19

Mar 19

Feb 19

Jan 19

Dec 18

Sydney

 

 

 

 

 

 

 

 

 

Inner

3.4%

3.0%

3.4%

3.1%

3.2%

3.7%

2.9%

3.2%

3.0%

Middle

3.9%

4.1%

3.4%

3.3%

3.3%

3.1%

3.6%

4.2%

5.1%

Outer

3.5%

3.4%

3.5%

3.6%

3.3%

3.5%

3.1%

3.5%

3.3%

Total

3.6%

3.5%

3.4%

3.4%

3.2%

3.6%

3.2%

3.7%

3.2%

 

 

 

 

 

 

 

 

 

 

Hunter

 

 

 

 

 

 

 

 

 

Newcastle

1.5%

1.6%

1.8%

1.7%

1.4%

2.1%

2.1%

2.5%

1.9%

Other

1.4%

1.8%

1.6%

1.9%

1.8%

1.5%

1.6%

1.8%

1.6%

Total

1.4%

1.7%

1.7%

1.8%

1.7%

1.7%

1.7%

2.0%

1.9%

 

 

 

 

 

 

 

 

 

 

Illawarra

 

 

 

 

 

 

 

 

 

Wollongong

2.4%

1.6%

2.1%

3.3%

2.7%

2.7%

2.8%

3.9%

2.7%

Other

2.3%

3.3%

2.6%

2.9%

2.1%

1.4%

1.9%

1.9%

1.0%

Total

2.3%

2.2%

2.3%

3.1%

2.6%

2.2%

2.4%

2.9%

1.5%

 

 

 

 

 

 

 

 

 

 

Regions

 

 

 

 

 

 

 

 

 

ALBURY

1.3%

1.8%

1.6%

1.5%

1.5%

0.8%

1.1%

1.9%

2.2% 

CENTRAL COAST

3.4%

3.0%

3.3%

3.0%

2.2%

2.8%

2.3%

2.3%

 2.0%

CENTRAL WEST

2.3%

2.1%

2.5%

2.2%

1.7%

2.0%

1.6%

2.2%

2.7%

COFFS HARBOUR

1.3%

3.2%

2.2%

3.7%

3.4%

2.1%

1.3%

1.2%

1.9%

FAR WEST

 

 

 

 

 

 

 

 

 

MID-NORTH COAST

2.6%

2.1%

2.8%

2.0%

2.4%

2.8%

2.0%

2.1%

1.8%

MURRUMBIDGEE

1.0%

1.1%

1.0%

1.4%

1.2%

0.9%

1.2%

1.0%

0.9%

NEW ENGLAND

2.6%

2.6%

2.3%

2.8%

2.5%

2.2%

2.7%

2.1%

1.9% 

NORTHERN RIVERS

2.1%

1.9%

1.4%

2.0%

1.5%

1.1%

1.1%

1.4%

1.4%

ORANA

1.5%

2.5%

1.6%

2.3%

1.5%

1.8%

1.7%

1.9%

2.0%

RIVERINA

1.8%

1.3%

1.6%

3.0%

2.0%

2.6%

2.6%

3.1%

2.2%

SOUTH COAST

2.8%

2.8%

1.8%

3.2%

3.7%

2.6%

3.0%

1.6%

1.9%

SOUTH EASTERN

4.1%

3.4%

1.2%

0.9%

3.0%

2.9%

2.5%

1.3%

1.3%

 

To download the media release click here.

To view the August survey results click here.

For more information, please contact:
Emma Handreck | + 61 2 8267 0537 | ehandreck@reinsw.com.au


About REINSW

The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate agents 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 offers training and ongoing professional development. For more information, visit reinsw.com.au.