Ensure you never miss an issue of the
real estate business bulletin
Building boom sees vacancies rise

Building boom sees vacancies rise

by Elyse Perrau 0 comments

“Unprecedented” construction activity has seen an increase in residential rental properties available.

“Unprecedented” construction activity has seen an increase in residential rental properties available.

NSW vacancy rates reached 2.0 per cent in January, up from 1.7 per cent in December, according to the Real Estate Institute of New South Wales

REINSW president Malcolm Gunning said for the previous four months vacancy rates had been steady across the metropolitan market.

“This has been broken by an increase in availability in the inner city due to a large volume of new apartment stock entering the marketplace,” he said. 

Availability in inner Sydney jumped from 1.5 per cent to 2.1 per cent, while outer Sydney vacancy rates increased from 1.8 per cent to 2.0 per cent.

Mr Gunning said he expects to see this trend continue as more apartments are completed across the Sydney metropolitan area. 

“We really are seeing unprecedented activity on the building and construction front,” he said.

“This boom will benefit those who are looking for more affordable rental accommodation in easy to access, well sought after locations.”

The Hunter area continues to have solid vacancy rates despite a fall from 3.4 per cent to 3.3 per cent.

Newcastle vacancy rates climbed from 2.4 per cent to 2.7 per cent. 

The Wollongong market remained tight, falling from 1.6 per cent to 1.4 per cent, while the Illawarra region rose from 1.3 per cent to 1.7 per cent.  

In regional areas, south eastern NSW had the highest vacancy rate at 6.2 per cent, up from 5.8 per cent.

The hardest place to find rental accommodation was the far west at 1.0 per cent, down from 3.8 per cent.

[Related: Seasonal slip in vacancy rates]

 

Building boom sees vacancies rise
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?