25 March 2019

REINSW releases its February Vacancy Rate Report

The February REINSW Residential Vacancy Rate Report reveals a 0.5 per cent decrease in rental vacancies across Sydney, and an equal 0.2 per cent decrease in key NSW areas such as the Illawara and Hunter region.

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 in which postcode the majority of agents’ rental properties are located.

The suburb-level rates reported by agents are weighted based on the ABS 2016 Census Selected Dwelling Characteristics. The latest report – taken on 15 February – is based on survey responses covering 132,493 residential rental properties.

Sydney data

Overall, Sydney experienced a 3.2 per cent vacancy rate in February, compared with 3.7 per cent in January. Inner Sydney, which includes suburbs such as Ashfield, Botany Bay, Lane Cove, and Randwick and Outer Sydney, which includes suburbs such as Blacktown, Hornsby, Gosford, and Warringah, saw a minor decrease from January. 

Meanwhile, Middle Sydney, which includes suburbs such as Bankstown, Kogarah, Manly, Ryde, and Strathfield, saw a 0.8 per cent drop in vacancies from the previous month – down to 3.4 per cent.

The Hunter region

Vacancies in the Hunter region fell by 0.2 per cent from January – Newcastle saw a decrease of 0.3 per cent, bringing it to 2.2 per cent this month.

The Illawarra region

Wollongong saw a significant fall in rental vacancies, from 3.9 per cent in January to 2.8 per cent in February.

Other regional NSW areas

The rest of NSW saw mild increases in six key areas: Coffs Harbour (to 3.6 per cent), Murrumbidgee (1.3 per cent), New England (2.7 per cent), Orana (to 2.1 per cent), South Coast (3.0 per cent) and South Eastern (which saw an increase of 1.0 per cent, to 2.3 per cent this month).

Albury saw the largest decrease of 0.8 per cent, with a vacancy rate of 1.1 per cent in February. Central Coast (2.0 per cent vacancy rate), Central West (1.7 per cent), Mid-North Coast (2.0 per cent), Northern Rivers (1.0 per cent), and Riverina (2.6 per cent) all decreased this month with rates between 0.1 and 0.5 per cent.

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