Vacancy rates have steadied across Sydney, according to the REINSW Vacancy Rate Survey.
Warmer weather has seen vacancy rates steady across Sydney, as renters seek out accommodation in the heart of the city, according to the Real Estate Institute of New South Wales September Vacancy Rate Survey.
Vacancy rates are currently sitting at 2.8 per cent in metropolitan Sydney.
“The change in season has seen renters return to the Inner Sydney market with vacancy rates falling 0.5 per cent to 2.4 per cent, a level last seen in May,” REINSW President Leanne Pilkington told WILLIAMS MEDIA.
“Middle Sydney remained steady at 3.1 per cent while Outer Sydney dropped 0.2 per cent at 2.9 per cent.”
Pictured: 207/2-26 Wattle Cres Pyrmont available through Bryan Sum of LJ Hooker Pyrmont as seen on Thehomepage.com.au
Vacancy rates rose 0.1 per cent in the Hunter, with Newcastle up 0.8 percentage points at 2.9 per cent.
The Illawarra slipped 0.2 percentage points despite Wollongong being up 0.1 percentage points to 2.1 per cent.
Across regional areas, New England remained steady at 2.2 per cent, Northern Rivers rose 0.3 percentage points to 1.3 per cent and Orana rose 0.2 percentage points to 2.0 per cent.
Listing agent and property manager of Raine & Horne City Living, Matthew Mifsud says spring is one of the best times of year for vacancy rates to drop.
“You see a real pick up in late August, and September," Mr Mifsud told WILLIAMS MEDIA.
Pictured: 2 Distillery Drive Pyrmont, available through Jasmine Quirk of Belle Property Pyrmont, as seen on Thehomepage.com.au
“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 says areas like Alexandria and Waterloo will soon be renters markets with all the new apartment developments planned for the area.
“Overall vacancy rates have stayed steady but rent prices have come down - owners have to adjust their expectations to get their properties leased. Rent going down is always to do with supply and demand.
"There has been an increase in supply in Haymarket with 1,500 new apartments in the area. Demand has dropped because renters now have more to pick and choose from," Mr Mifsud said.
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