Property managers and BDMs will be relieved to know that vacancy rates across Sydney are showing signs of stabilising, according to new data.
According to Leanne Pilkington, president of the REINSW, the February 2018 edition of the REINSW Vacancy Rate Survey revealed that the vacancy rate held steady at 2.3 per cent in the Sydney metropolitan area.
“The vacancy rate has stabilised in February and is favouring those seeking rental accommodation,” Ms Pilkington said.
Looking at a broader scale, at the Outer Sydney area, the vacancy rate was at 2.3 per cent, a rise of 0.1 per cent; while both Middle Sydney and Inner Sydney were at 2.5 per cent and 1.8 per cent, with falls of 0.4 per cent and 0.3 per cent, respectively.
Past Sydney, the Hunter region saw vacancy rates continue to remain at a five-year low of 1.5 per cent, while Newcastle was at 1.4 per cent, a rise of 0.1 per cent.
The Illawarra region held steady at 1.9 per cent, regardless of Wollongong’s 2.3 per cent, a fall of 0.2 per cent.
In the regional areas, Albury is at 2.6 per cent, up by 0.4 per cent; the South Coast is at 2 per cent, up by 0.3 per cent; the Northern Rivers is at 1 per cent, up by 0.2 per cent; and Orana is at 2.2 per cent, down by 0.2 per cent.
This news followed the release of the REIA [Real Estate Institute of Australia] Real Estate Market Facts report for the December quarter 2017, which also saw vacancy rates stabilise nationally and rise in Sydney to 2.1 per cent, up by 0.2 per cent.