The Sydney residential marketing is currently leaning towards renters, with availability on the rise across all metropolitan areas, according to new REINSW research.
The December 2018 REINSW Vacancy Rate Survey saw metropolitan Sydney vacancy rates up by 0.2 of a percentage point to 3.2 per cent.
The data shows that the rise is driven by Middle Sydney, which jumped by 1.6 per cent to 5.1 per cent, and Inner Sydney, up by 0.5 of a percentage point to 3.0 per cent. Outer Sydney increased by 0.3 of a percentage point to 3.3 per cent.
REINSW president Leanne Pilkington said that the increases apply broadly across all of the city.
“Our feedback from agents suggests that the market is being flooded with new units, making older units more difficult to rent.
“As a result, agencies are using tactics such as decreasing rent prices and offering free rent periods to secure tenants.”
In Wollongong, the vacancy rate remained steady at 2.7 per cent, while other areas in the Illawarra fell by 2.0 per cent at 1.0 per cent and contributed to an overall decline of 1.2 per cent at 1.5 per cent.
In the Hunter region, vacancy rates rose by 0.3 of a percentage point to 1.9 per cent, with Newcastle up by 0.1 of percentage point to 1.9 per cent.
Across regional areas, Albury fell by 0.4 of a percentage point at 2.2 per cent, New England dropped by 0.1 of a percentage point at 1.9 per cent, and Central Coast jumped by 0.1 of a percentage point to 2.0 per cent.