Sydney vacancy rates climb

Sydney vacancy rates climb

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Sydney’s rental market softened in December as vacancy rates rose across the city, according to data from the Real Estate Institute of NSW (REINSW).

The number of rental properties currently untenanted rose by 0.2 per cent to 1.8 per cent in the December period.

Outer suburbs saw the biggest jump, with a rise of 0.3 per cent.

Nonetheless, this region had the city's lowest vacancy rate at 1.6 per cent.

Rental availability in the inner suburbs climbed by 0.2 per cent, while the middle suburbs saw a 0.1 per cent increase.

REINSW president Malcolm Gunning said the increase in available rental accommodation was largely seasonal.

“We have a long way to go in regard to the major supply issues facing Sydney,” he said.

“We expect to see vacancy rates take a downward turn when January figures are released next month.”

Outside of Sydney, the Hunter region saw a 0.3 per cent rise to 3.5 per cent.

Orana recorded the tightest rental market in New South Wales with vacancies at 1.6 per cent, while south eastern New South Wales had the most properties available, at 4.2 per cent.

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