Inner Sydney vacancy rates highest for two years

Inner Sydney vacancy rates highest for two years

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Rental opportunities in inner Sydney have taken a turn in the last two months, with availability now at its highest level in nearly two years, new data has found.

The Real Estate Institute of New South Wales’ June 2017 Vacancy Rate Survey saw inner Sydney rise 0.3 per cent to 2.2 per cent, while the overall Sydney metropolitan area remained steady at 1.8 per cent.

REINSW president John Cunningham said the data should not be viewed in isolation, where the inner Sydney rise was offset by a 0.2 per cent drop in middle Sydney and an outer Sydney decline of 0.1 per cent.

“More stock has entered the market place in inner Sydney which has seen a rise in availability as tenants take time to fill the available accommodation,” he said.

In the Illawarra, vacancy rates rose 0.7 per cent to 2.5 per cent, with Wollongong up 1.2 per cent at 2.4 per cent.

The Hunter rose 0.2 per cent to 2.3 per cent, with Newcastle up 0.7 per cent to 2.9 per cent.

Across regional areas, Albury and New England have the highest vacancy rates at 3.1 per cent, up 0.3 per cent and down 0.1 per cent respectively.

The Riverina was down 0.2 per cent at 2.5 per cent and Northern Rivers fell 0.1 per cent to 1.6 per cent.

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