New apartment stock sees increase in vacancy rates

New apartment stock sees increase in vacancy rates

by Staff Reporter 0 comments

Sydney residential vacancy rates rose for a second month in a row due to the completion of large-scale apartment projects increasing rental stock, according to the Real Estate Institute of New South Wales (REINSW).


The May 2014 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney rise 0.2 per cent to 1.9 per cent.

“We are getting back to a more neutral position, with high volumes of apartments being completed,” REINSW president Malcolm Gunning said.

“Inner Sydney vacancy rates rose 0.3 per cent to 1.9 per cent, while the middle suburbs saw an increase of 0.5 per cent to 2.5 per cent.

“The hardest area to find rental accommodation was outer Sydne, with a vacancy rate of 1.6 per cent, down 0.1 per cent,” he added.

Mr Gunning said incentives for first home buyers and older Australians are “vital” to helping continue to boost the property market and reduce pressure on those seeking a rental property.

In the Illawarra region the overall vacancy rate rose 0.3 per cent to 1.9 per cent, led by a 0.9 per cent increase to 2.4 per cent in Wollongong, according to REINSW.

The Hunter region was up 0.4 per cent at 3.4 per cent, with the Newcastle vacancy rate increasing 0.9 per cent at 3.9 per cent.

The lowest vacancy rates in the state were in Orana, with a fall of 0.8 per cent at 1.5 per cent, and Albury, which remained steady at 1.6 per cent.

The region with the highest availability was the Central West, which fell 0.2 per cent to 4.7 per cent, while New England rose 0.1 per cent at 3.5 per cent.


New apartment stock sees increase in vacancy rates
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Why David is holding himself accountable for taking his career to the next level

David Walker says he’s holding himself accountable – win or lose, the overall success of his real estate career rests entirely on the e...

View all podcasts

Does blogging help in growing your personal brand?

Yes
No
Depends on who is writing it
Depends on who is reading it
Do you have an industry update?