Sydney vacancy hits record high

Sydney vacancy hits record high

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Sydney has hit its highest rental vacancy rate since 2006, with some areas of the city hitting three per cent in July.

According to the Real Estate Institute of New South Wales (REINSW), this upward momentum continued in August with the vacancy rate adding another 0.5 per cent to 2.7 per cent.

The last time the city recorded a vacancy rate of 2.7 per cent was in January 2006.

“Again we are seeing strong growth in available rental accommodation, which is obviously good news for prospective tenants,” said REINSW President Christian Payne.

“Sydney’s middle and outer suburbs saw available accommodation rates increase significantly. Middle suburbs increased 0.7 per cent to 3.0 per cent and outer suburbs rose 0.8 per cent to 3.1 per cent.

“The inner suburbs of Sydney are well behind, with a vacancy rate of 1.8 per cent – down 0.2 per cent from the previous month.

“Wollongong also reflected the strong upward trend of Sydney, with overall vacancy rates increasing 0.9 per cent to 3.4 per cent.

In regional New South Wales the rental picture was mixed with significant variation across the state.

“The Murrumbidgee recorded the lowest percentage of available rental properties at 1.0 per cent and Coffs Harbour recorded the highest with a vacancy rate of 4.7 per cent.

“These latest figures are good news for tenants looking for rental accommodation in Sydney, as a higher percentage of available properties means even greater choice.

“Given this is the second month of strong growth, we will be looking towards the September data to see if a trend is emerging,” concluded Mr Payne.

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