Sydney rental vacancies remain steady, despite regional fluctuations - REINSW
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Jun 19, 2019
Sydney rental vacancies remain steady, despite regional fluctuations - REINSW
The Real Estate Institute of New South Wales' Residential Vacancy Report for May has revealed a 0.2 per cent increase in vacancies across Sydney.
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Luxury ListThe view of Sydney from 168 Kent Street. As seen on Luxury List
Sydney's residential vacancy rate has rebounded from a 0.4 per cent decrease from March to April to increase by 0.2 per cent throughout the past month, according to the Real Estate Institute of New South Wales.
The May REINSW Residential Vacancy Rate Report has indicated vacancies rose from 3.2 per cent on April 15 to 3.4 per cent on May 15.
Other key NSW reporting areas such as the Illawarra region saw a 0.5 per cent increase in the vacancy rate to 3.1 per cent, while the Hunter region saw a minor increase of 0.1 per cent after three months at 1.7 per cent.
REINSW CEO Tim McKibbin said the trend meant tenants would have more choice.
“More properties are becoming available, partly driven by additional stock coming to the market and new developments,” he said.
Related Reading: Sydney rental vacancy back down to 3.2 per cent following April decline
Sydney
Overall, Sydney experienced a 3.4 per cent vacancy rate in May, compared with 3.2 per cent in April.
Inner Sydney saw a minor decrease of 0.1 per cent, going from 3.2 per cent in April to 3.1 per cent in May.
Outer Sydney experienced an increase of 0.3 per cent to 3.6 per cent, making it the highest vacancy rate across Sydney this month, while Middle Sydney remained steady at 3.3 per cent for the second month in a row.
Source: REINSW
The Hunter region
According to the report, vacancy rates in the Hunter region remained steady overall
However, Newcastle saw a rise in vacancies of 0.3 per cent to 1.7 per cent after a substantial fall of 0.7 per cent between March and April.
Vacancy rates in other areas increased by 0.1 per cent in April to 1.9 per cent this month.
The view of Sydney from 168 Kent Street. As seen on Luxury List.
The Illawarra region
The Illawarra region experienced a 0.5 per cent increase in rental vacancies from 2.6 per cent in April to 3.1 per cent in May.
Wollongong and other areas also saw sharp increases of 0.6 per cent to 3.3 per cent and 0.8 per cent to 2.9 per cent, respectively, between April and May.
Other regional NSW areas
Despite some major changes in other regional NSW areas, 75 per cent of the rest of NSW remained steady.
The Riverina saw the largest increase in vacancies, which rose from 2.0 per cent in April to 3.0 per cent last month,
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