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Vacancy rates drop

Vacancy rates drop

by Staff Reporter 0 comments

Sydney residential rental availability has slipped backwards, according to data released by the Real Estate Institute of New South Wales (REINSW).

The September 2014 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney fall by 0.1 per cent to 1.7 per cent.

“Rental vacancies declined across Sydney. Outer Sydney saw the largest declines, hitting 10-month lows,” REINSW president Malcolm Gunning said.

"'Outer' Sydney vacancy rates dropped 0.2 per cent to 1.4 per cent, while 'middle' Sydney fell 0.3 per cent to 1.9 per cent and 'inner' Sydney remained steady at 1.8 per cent.”

Vacancy rates in the Illawarra remained steady at 2.0 per cent despite a rise of 0.5 per cent to 2.7 per cent in Wollongong.

The Hunter region was down 0.2 per cent to 3.1 per cent on the back of a 0.8 per cent fall in vacancy rates in Newcastle to 1.9 per cent. This is the lowest level for Newcastle since September 2013.

In regional areas, the mid-north coast was the hardest place in which to find rental accommodation, at 1.4 per cent, down 0.2 per cent.

Albury was down 0.1 per cent to 1.6 per cent, the central coast fell 0.3 per cent to 1.7 per cent and the Riverina dropped 0.6 per cent to 2.8 per cent. Northern Rivers declined 1.0 per cent to 2.7 per cent.

Bucking the trend was the central west, which jumped 0.5 per cent to 4.3 per cent and Orana which added 1.1 per cent to sit at 3.2 per cent. 

Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those that fall within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.

‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.

‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.

‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.

 

Vacancy rates drop
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