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Sydney vacancy rates remain at tight levels

Sydney vacancy rates remain at tight levels

by Staff Reporter 0 comments

Property managers in Sydney are finding it relatively easy to secure tenants, according to data released by the Real Estate Institute of NSW.

Vacancy rates were 1.9 per cent in April, the same level as the previous month, despite changes across all metropolitan areas.

Availability in inner Sydney fell from 1.9 per cent to 1.7 per cent, while outer Sydney increased from 1.7 per cent to 2.0 per cent and middle Sydney dipped from 2.3 per cent to 2.1 per cent. 

REINSW President Malcolm Gunning said inner-Sydney vacancy rates peaked in February at 2.4 per cent and that stock levels are likely to rise again as more new apartments near completion in the coming months.

“This will see vacancy rates start to trend upwards again, which will provide a wider selection for those looking to rent,” Mr Gunning said. 

Availability in the Hunter region jumped from 3.1 per cent to 3.9 per cent, with Newcastle rising from 3.4 per cent to 4.6 per cent.

Wollongong rose from 1.0 per cent to 1.8 per cent, which resulted in the Illawarra region increasing from 1.0 per cent to 1.3 per cent.

In regional areas, the hardest place to find rental accommodation was the Northern Rivers region, which was steady at 1.2 per cent, and New England, which fell from 4.0 per cent to 2.5 per cent.

Availability in Coffs Harbour increased from 2.3 per cent to 3.1 per cent and the south-eastern region fell from 5.3 per cent to 5.1 per cent.

[Related: Sydney dominates the list for expensive rents]

 

 

Sydney vacancy rates remain at tight levels
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