Sydney vacancy rentals are beginning to turn and showing favourability towards renters, according to new research.
The Real Estate Institute of New South Wales said that Sydney’s residential vacancy rates have hit levels last seen in September 2012.
REINSW president Leanne Pilkington said that the REINSW Vacancy Rate Survey found that, in April, the availability in the capital had risen by 0.3 percentage points to 2.5 per cent.
“The tide is beginning to turn for tenants, with vacancy rate at five-year lows,” Ms Pilkington said.
Across Sydney, vacancy rates rose, with the biggest change rise occurring in Inner and Middle Sydney.
“In outer Sydney, vacancy rates rose [by] 0.2 percentage points to 2.5 per cent, while inner and middle Sydney both increased [by] 0.3 percentage points to 2.2 per cent and 2.9 per cent, respectively,” the president said.
Ms Pilkington added that agents are taking note and readjusting their rental expectations.
“There appears to be a saturation of supply and agents are noting that previously high rents are becoming increasingly difficult to obtain,” the president said.
Across NSW, vacancy rates experienced rises in the Hunter Region, Newcastle, Illawarra and Wollongong.
Newcastle had the biggest rise of 0.4 percentage points to 2.2 per cent, while Hunter and Wollongong both increased by 0.1 percentage point to 1.7 per cent and 2.3 per cent, respectively.
Illawarra rose by 0.3 percentage points to 2.1 per cent.
Regionally, Albury slipped by 0.4 percentage points to 1.8 per cent and Central Coast fell by 0.2 percentage points to 2.0 per cent.
Northern Rivers added 0.1 percentage points to 1.3 per cent and the South Coast gained 0.5 percentage points to 3.0 per cent.