The REINSW’s latest vacancy rates revealed the bulk of New South Wales ticked up at the end of 2019.
Across Sydney, the city saw an increase of 0.2 of a percentage point to 3.4 per cent in December. That increase was mostly driven by the rise in vacancies in Sydney’s Inner Ring, where the rate increased from 2.4 per cent to 3.4 per cent last month.
“The increase in vacancies in inner Sydney shows tenants now have a lot more choice in many metropolitan areas,” REINSW CEO Tim McKibbin said.
However, the middle and outer rings of the city have dropped as they have become more popular with tenants.
Vacancy rates remain high in areas such as Elizabeth Bay, Cremorne, Edmondson Park and North Turramurra, with rates all more than 7.75 per cent.
In other areas of the state, the Hunter region saw an increase from 1.6 per cent to 1.9 per cent, while Newcastle had a slight fall from 2.6 per cent to 2.5 per cent.
Vacancies in Illawarra dropped by 0.2 of a percentage point to 2.7 per cent. But the outer areas of the region had a significant increase, up from 1.5 per cent to 2.9 per cent.
“Due to the devastating bushfires, we are expecting to see fluctuations in the regional areas, in particular in the Illawarra and South Coast areas,” Mr McKibbin said.