Sydney rental vacancy remains tight

Sydney rental vacancy remains tight

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There wasn’t much movement in the Sydney residential rental market over June, new research has found.

According to the Real Estate Institute of New South Wales’ (REINSW) June 2013 Vacancy Rate Survey, the city saw no change in the number of vacancies in the metropolitan area.

The vacancy rate remains tight at 2.1 per cent.

The inner Sydney suburbs recorded a climb of 0.3 per cent up to 2.2 per cent, the middle Sydney suburbs remained at 1.9 per cent and the outer suburbs were down 0.2 per cent to 2.1 per cent

“The rise in the inner suburbs and the decline in vacancy rates in the outer suburbs have cancelled each other out during the month of June, leaving availability at 2.1 per cent across the Sydney metro area,” REINSW president Christian Payne said.

“While we are pleased that vacancy rates have not declined, we were hoping for a continued increase in availability in what is still a very tight market.”

Looking across the state, the Hunter region also remained steady for the month at 2.9 per cent, despite an increase of 0.1 per cent in Newcastle to 2.2 per cent.

The Illawarra saw a rise of 0.4 per cent to 2.5 per cent, with a rise of 0.3 per cent in Wollongong.

The Central Coast continued its steady rise with a jump of 0.6 per cent to 3.2 per cent and the Mid North Coast added 0.5 per cent to 2.9 per cent.

Coffs Harbour remains the easiest place to find rental accommodation despite a decline of 0.3 per cent to 3.7 per cent.

Vacancy rates remained steady in Albury at 1.8 per cent, while the South Coast and South East were both at 3.1 per cent with declines of 0.3 per cent and 0.4 per cent respectively.

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