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Sydney rental market remains stable

Sydney rental market remains stable

Sydney rental market
by Tim Neary 0 comments

Sydney vacancy rates largely remained unchanged last month, according to the REINSW.

REINSW president John Cunningham said that the September 2017 REINSW Vacancy Rate Survey saw availability in the Sydney metropolitan steady at 2.0 per cent.

“Vacancy rates in Outer Sydney remained unchanged at 1.8 per cent, while Inner and Middle Sydney rose by 0.3 percentage points and 0.1 percentage points to 2.2 per cent and 2.4 per cent, respectively,” the president said.

In the Illawarra, vacancy rates rose by 0.4 percentage points to 2.5 per cent, led by Wollongong's increase by 0.5 percentage points to 2.7 per cent. The Hunter increased by 0.1 percentage points at 2.0 per cent, and Newcastle rose by 0.2 percentage points at 2.9 per cent.

Across regional areas, New England had a vacancy rate of 3.3 per cent, up by 0.2 percentage points; Coffs Harbour remained steady at 2.4 per cent; and Northern Rivers slipped by 0.2 percentage points at 0.8 per cent.

These findings come in the wake of the latest State of the Market Report – Metro, released earlier this month by Domain, which reveals the first decline in the Sydney house market since December 2015.

The report also finds that the national median house price is down by 0.5 per cent over the September quarter, yet up by 10.8 per cent when compared to the same quarter last year.

It found that Hobart and Canberra were the best capital cities for rental yields over the quarter, for houses at 5.29 per cent and for units at 5.77 per cent. 

The report also found that in terms of rental vacancy rates, aside from Brisbane and Perth, every capital city has vacancy rates for both houses and units at less than 2 per cent.

Domain chief economist Dr Andrew Wilson said that house price growth is expected to continue to ease in most capital cities over the remainder of the year.

Sydney rental market remains stable
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