Sydney rental market “in line with the winter seasonal trend"
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Aug 20, 2018
Sydney rental market “in line with the winter seasonal trend"
Matthew Mifsud from Raine & Horne City Living discusses the results of the July 2018 REINSW Vacancy Rate Survey.
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Bellevue Hill, Sydney
The REINSW has released the results of their July 2018 REINSW Vacancy Rate Survey, showing availability across the Sydney rental market remained relatively steady, with the Sydney metropolitan vacancy rate at 2.8 per cent, a rise of 0.1 percentage points.
REINSW Deputy President Brett Hunter said “The vacancy rate fell 0.1 percentage points in both Middle and Inner Sydney at 2.9 per cent and 2.7 per cent respectively, while Outer Sydney bucked the trend rising 0.3 percentage points at 2.7 per cent.
“The Sydney vacancy rate we are seeing at the moment is in line with the winter seasonal trend.”
Matthew Mifsud from Raine & Horne City Living told WILLIAMS MEDIA winter is typically a slow period, especially around areas close to the beach such as Manly and Bondi.
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“You see a real pick up in late August, and September.
“Bondi and Manly are really seasonal and many backpackers and people from overseas rent there for three to six months.
“Therefore those areas are seasonally affected.”
Mr Mifsud said the city and Pyrmont are also traditionally quieter in June and August.
“People aren’t as active as it is colder. The Christmas period is also quiet as it is holiday season.
“Spring and autumn are the best times - September to November, and February to April.”
3157/65 Tumbalong Boulevard, Haymarket for rent by Randy Chan of ARGY Property Kogarah as seen on The Home Page
Mr Mifsud said Alexandria and Waterloo will be renters markets soon with all the new apartments coming in.
The survey also showed vacancy rates fell 0.2 percentage points to 1.7 per cent in the Hunter, with Newcastle down 0.2 percentage points at 2.2 per cent.
The Illawarra dropped 0.5 percentage points to 2.0 per cent with Wollongong down 0.3 percentage points to 2.0 per cent.
Across regional areas, Albury was up 0.1 percentage points at 1.5 per cent, while the Riverina and Central Coast were steady at 3.1 per cent and 2.0 per cent respectively.
“Overall vacancy rates have stayed steady but rent prices have come down,” said Mr Mifsud.
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“Owners have to adjust their expectations to get their properties leased.
“Rent going down is always to do with supply and demand.
“For example there has been an increase in supply in Haymarket with 1,500 new apartments,” Mr Mifsud continued.
“Demand has dropped because renters have more choice.”
Click here to view the July 2018 REINSW Vacancy Rate Survey
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