Sydney residential vacancy rates were largely stable in for the first month of Spring, according to data released by the Real Estate Institute of New South Wales.
The September 2015
REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney rise 0.1 per cent to 1.9 per cent.
REINSW President Malcolm Gunning said middle Sydney gained 0.4 per cent to 1.9 per cent, outer Sydney rose 0.1 per cent and inner Sydney fell 0.2 per cent at 2.0 per cent.
“The market is stable,” Mr Gunning said. “Supply is meeting the demand due to large volumes of new property on the market.
“Sydney is the job destination for Australia and there is strong migration. This is why we are seeing low vacancy rates,” Mr Gunning said.
The Hunter region saw a rise of 0.2 per cent after a 1 per cent increase in Newcastle to 4.0 per cent.
In the Illawarra the overall vacancy rate retreated 0.1 per cent to 1.5 per cent, despite a rise of 0.6 per cent in Wollongong.
The regional areas Northern Rivers has the lowest availability with a vacancy rate of 1.1 per cent, down 0.2 per cent. The Mid-North Coast was up 0.1 per cent at 1.5 per cent, while Albury and Murrumbidgee had a vacancy rate of 2.3 per cent with a gain of 0.4 per cent and 0.9 per cent respectively.
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.