The REINSW Vacancy Rate Survey results for March 2021 show that vacancies in Sydney are once again on the rise.

Vacancies in Sydney overall rose last month and now sit at 4.0% – up 0.9% from February 2021.

“This rise brings vacancies in Sydney to their highest level since October 2020,” REINSW CEO Tim McKibbin said. “Vacancies in Sydney’s Inner Ring increased to 4.5%, a rise of 0.8% for the month. Similarly, the Middle and Outer Rings also rose by 1.5% and 0.6% respectively to be 5.8% and 2.5%.

“Many REINSW members are reporting that the residential rental market has slowed again across Sydney. Property managers are telling us that there are fewer properties coming onto the market and those that do are taking longer to rent. Older properties in need of upgrading are problematic, as tenants are becoming more and more discerning about where they choose to live.”

Outside Sydney, vacancy rates dropped substantially in both Newcastle and Wollongong. A decrease of 1.2% saw vacancies in Newcastle come in at 0.7%. Similarly, vacancies in Wollongong fell by 0.6% to be 1.6%.

“Feedback from our members in these areas indicates that the exodus of tenants from Sydney is continuing, with people seeking more affordable options further afield,” Mr McKibbin said.

Vacancy rates across much of the rest of regional New South Wales continue to remain extremely tight.

“Rates in the Central West, Mid-North Coast, Northern Rivers, Orana, Riverina and South East areas all dropped in March,” Mr McKibbin said. “Albury and Murrumbidgee remained stable for the month, while the Central Coast, Coffs Harbour, New England and South Coast areas each experienced a slight uptick in the availability of rental accommodation.”

Similar to this:

REINSW: COVID Recovery Bill amounts to passing the buck

REIA welcomes a return to normality as rental moratoriums in most major states end

REINSW supports property sector overhaul