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Residential vacancy rates in Sydney are on the rise as the onset of cooler weather slows the market, according to the Real Estate Institute of New South Wales.
The May 2017 REINSW Vacancy Rate Survey showed the Sydney metropolitan market rose 0.1 per cent to 1.8 per cent.
REINSW president John Cunningham said the market has begun side with renters “a little bit” as more stock is available and winter sets in.
This is especially being felt in inner Sydney which saw a rise of 0.4 per cent to 1.9 per cent and middle Sydney which also jumped 0.4 per cent to 1.6 per cent.
Outer Sydney bucked the trend with a fall of 0.4 per cent to 1.8 per cent.
“However, vacancy rates of less than 2.0 per cent show the market is still in stress,” Mr Cunningham said.
In the Illawarra, vacancy rates rose 0.4 per cent to 1.8 per cent. The spike is attributed to areas outside of Wollongong, which recorded an increase of 0.8 per cent to 2.3 per cent, while Wollongong itself slipped 0.1 per cent to 1.2 per cent.
The Hunter fell 0.2 per cent to 2.1 per cent and Newcastle dropped 0.1 per cent to 2.2 per cent.
Across regional areas, the South Coast rose 0.5 per cent to 1.7 per cent, Northern Rivers added 0.6 per cent to 1.7 per cent and Coffs Harbour rose 0.3 per cent to 4.1 per cent.
The Riverina fell 0.7 per cent to 2.7 per cent and Albury was down 0.2 per cent to 2.8 per cent.
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