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New stock pushes vacancy rate higher

New stock pushes vacancy rate higher

by Staff Reporter 0 comments

Residential vacancy rates in Sydney rose slightly in July as more new apartment stock entered the marketplace, according to data released by the Real Estate Institute of New South Wales (REINSW).

The July 2014 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney rise 0.2 per cent to 2.0 per cent.

REINSW president Malcolm Gunning said inner Sydney vacancy rates led the way with an increase of 0.1 per cent to 2.0 per cent, while the outer suburbs increased 0.4 per cent to 1.9 per cent.

“The middle suburbs bucked the trend with a fall of 0.2 per cent, but remain at the neutral level of 1.9 per cent,” he said. 

“We expect this growth in rental accommodation to continue as even more new stock enters the marketplace.”

Looking outside the metropolitan area, availability in the Hunter rose 0.5 per cent, despite a decline of 0.3 per cent in Newcastle at 3.2 per cent.

The Illawarra rose 0.3 per cent at 2.1 per cent, with Wollongong steady at 2.1 per cent.

Availability in New England hit an 11-year high, up 0.2 per cent at 4.2 per cent. This level was last seen in October 2003, when the vacancy rate hit 4.8 per cent.

On the south coast availability rose 1.4 per cent at 4.1 per cent, and the central west was down 0.5 per cent at 3.9 per cent.

Vacancy rates in the Murrumbidgee were up 0.5 per cent at 1.7 per cent, and Albury rose 0.7 per cent at 1.8 per cent.

New stock pushes vacancy rate higher
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