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Vacancies down in Sydney but firm and up in the rest of NSW

24 May 2019 Tim Neary

The April REINSW Residential Vacancy Rate Report reveals a 0.4 of a percentage point decrease in vacancies across Sydney, but found the Illawarra region to be up 0.4 of a percentage point, while the Hunter region remained steady at 1.7 per cent.

Sydney

Overall, Sydney experienced a 3.2 per cent vacancy rate in April, compared with 3.6 per cent in March. Both inner and outer Sydney saw decreases at 0.5 and 0.2 of a percentage point, respectively.

Middle Sydney saw a modest increase of 0.2 of a percentage point, taking it to 3.3 per cent in March.

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The Hunter region

The report found that overall vacancy rates in the Hunter region remained steady.

However, Newcastle saw a substantial fall in vacancies of 0.7 of a percentage point. This is after three months at over 2.0 per cent. Vacancy rates in other areas in the region increased 0.3 of a percentage point from March, to 1.8 per cent this month.

The Illawarra region

The Illawarra region experienced a 0.4 of a percentage point increase in rental vacancies, from 2.2 per cent on 15 March, to 2.6 per cent on 15 April.

The report found that Wollongong remained steady at 2.7 per cent. However, other areas in the region saw an increase of 0.7 of a percentage point between March and April.

The rest

The rest of NSW saw steep increases in three key areas: Albury, up 0.7 of a percentage point to 1.5 per cent; Coffs Harbour, up 1.3 per cent to 3.4 per cent and the South Coast, up 1.1 per cent to 3.7 per cent.

While most other areas remained steady, Riverina saw a 0.6 of a percentage point decrease, from 2.6 per cent in March to 2.0 per cent in April.

The REINSW Residential Vacancy Rate Report is based on the proportion of unlet residential dwellings to the total rent roll of REINSW member agents on the 15th of each month.

The April report is based on survey responses covering 128,134 residential rental properties.

Vacancies down in Sydney but firm and up in the rest of NSW
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