Sydney vacancy rates edged higher to 1.8 per cent in May, but a rate below 2 per cent shows the market is still stressed, says John Cunningham.
Though vacancy rates rose marginally in Sydney during May, the rate remains below 2 per cent, suggesting the market remains "stressed", according to John Cunningham, president of the REINSW.
Residential vacancy rates are on the rise as the onset of cooler weather slows the market, said Cunningham.
The May 2017 REINSW Vacancy Rate Survey showed the Sydney metropolitan market rose 0.1 per cent to 1.8 per cent.
“The market has begun to come back to renters a little bit, as more stock enters the market place and winter sets in,” Cunningham said.
“In particular this is being felt in Inner Sydney which saw a rise of 0.4 per cent to 1.9 per cent and Middle Sydney which also jumped 0.4 per cent to 1.6 per cent. Outer Sydney bucked the trend with a fall of 0.4 per cent at 1.8 per cent," said Cunningham.
“However, vacancy rates of less than 2.0 per cent show the market is still in stress,” Cunningham said.
In regional areas vacancy rates were mixed:
Read more about rental property:
Are we becoming a nation of renters?