Ensure you never miss an issue of the
real estate business bulletin
Vacancy rates edge higher across NSW

Vacancy rates edge higher across NSW

by Reporter 0 comments

Staff Reporter

Residential vacancy rates all the major metropolitan centres across NSW rose in June, according to the Real Estate Institute of New South Wales (REINSW).

The percentage of available properties to rent in Sydney rose 0.1 to 1.8 per cent.

Newcastle also increased by 0.1 to 1.7 per cent, and on the central coast the percentage of available properties rose by 0.2 to 2.8 per cent.

The data showed that Wollongong recorded the strongest increase up 0.4 to 3.2 per cent, which is now more than three times the 0.9 per cent level recorded this time last year. 

Coffs Harbour recorded the highest rental vacancy rate of 5.1 per cent.

REINSW president Christian Payne said there was plenty of choice across the state for tenants looking to rent.

"June did prove to be a good month for those looking to rent a property, with some strong increases recorded in available properties towards the end of the financial year," he said.

"Elsewhere across the state there were more modest increases, which have also improved the situation for tenants.

"It is clear that whatever the reason for the increases, it is still too early to be seeing any impact from the state government’s Budget initiatives announced in May. 

"Given the incentives are only just starting to come online now and the full package not expected to be in place until October, the increases we have seen in the rental market are attributable to other factors," said Mr Payne. 

Vacancy rates edge higher across NSW
lawyersweekly logo
FROM THE WEB
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 rapid growth in cyber attacks within the real estate industry

Any successful agency will swear by the importance of an extensive database and building trust with clients, but with the rise in cyber thre...

View all podcasts

What keeps you awake at night?

The threat from the so-called digital disruptors like the property portals, DIY models and lead generating platforms
Competition from other agents in my local catchment area
Changes in the traditional real estate model and an uncertain future for the industry
The current cooling markets and other economic influencers
Nothing. I back myself to meet the challenges ahead
Do you have an industry update?