Sydney residential vacancy rates were largely stable in for the first month of spring, according to the latest data from 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. “The market is stable,” said REINSW President Malcolm Gunning. "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. 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.