Vacancy rates in the harbour city’s metropolitan market remain mostly unchanged, according to data released by the Real Estate Institute of New South Wales (REINSW).
The June 2014 REINSW Vacancy Rate Survey showed the number of properties for rent across Sydney fell by 0.1 per cent to 1.8 per cent, “providing opportunities for those seeking rental accommodation”.
“Rates above two per cent are considered neutral. We are comfortable with these vacancy rate levels and the opportunities that are provided in the marketplace currently,” said REINSW president Malcolm Gunning.
The biggest mover in the market was in “middle Sydney” where availability fell 0.4 per cent to 2.1 per cent.
Inner Sydney vacancy rates remained at 1.9 per cent, while the outer suburbs saw an decline of increase of 0.1 per cent to 1.5 per cent.
“More stock continues to enter the marketplace. It isn’t uncommon for those requiring new rental accommodation to pay a little more for newer apartments. With an increase in construction we expect to see vacancy rates continue to rise,” added Mr Gunning.
Outside the metropolitan area, availability in the Hunter remains solid at 3.3 per cent, despite a fall of 0.1 per cent. This was led by a decrease of 0.4 per cent in Newcastle at 3.5 per cent.
The Illawarra had a vacancy rate of 1.8 per cent, down 0.1 per cent, with Wollongong down 0.3 per cent at 2.1 per cent.
Vacancy rates in the central west were at 4.4 per cent, down 0.3 per cent. The Riverina and Coffs Harbour both had availability of 3.6 per cent, up 0.3 per cent and 0.2 per cent respectively.
The lowest vacancy rate in NSW was in Albury, which fell 0.5 per cent to 1.1 per cent, a level last seen in March 2003, when vacancy rates fell to 0.7 per cent.