Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

Vacancy rates creeping up in Sydney, some regional NSW areas

By Tim Neary
27 February 2019 | 1 minute read
sydney bridge australia reb

The latest REINSW residential vacancy rate report reveals a 0.5 of a percentage point increase in rental vacancies across Sydney, as well as increases in key NSW areas, for the month of January.

In the regions, the report found that the Illawarra region increased by 1.4 per cent and the Hunter region was up by 0.1 of a percentage point.

Overall, Sydney experienced a 3.7 per cent vacancy rate in January, compared with 3.2 per cent in December.

Advertisement
Advertisement

Inner Sydney and outer Sydney saw modest increases from December, while middle Sydney saw a 0.9 of a percentage point drop in vacancies from the previous month, down to 4.2 per cent.

REINSW president Leanne Pilkington said that it is a case of supply and demand.

“Feedback from real estate agencies in Sydney’s middle ring — such as in Parramatta, Auburn and Bankstown — has been that the higher vacancy rates are due to new apartment developments, which have led to a market surplus.”

She said that landlords are finding it difficult to adjust by reducing rent.

“At the same time, real estate agencies in Sydney’s inner ring who report to us regularly — for example, in Campsie, Gladesville and Artarmon — have shown a decrease in their vacancy rates this month.”

Surplus

The report found that while vacancies in the Hunter region overall remained fairly steady, Newcastle saw a 0.6 of a percentage point increase to 2.5 per cent this month.

“Agent feedback in Newcastle suggests that it is getting harder to find tenants, with a slower market and a surplus of properties up for lease,” Ms Pilkington said.

The report also found that Wollongong saw a significant jump in rental vacancies, from 2.7 per cent to 3.9 per cent.

“Agents have let us know there are a lot of new developments in the area — mainly for student housing — boosting Wollongong’s vacancy rate,” Ms Pilkington said. 

“Demand for student housing has also led to established residents in the area renting out their granny flats and rooms, which is also a contributing factor.”

Mild

The rest of NSW saw mild increases in five key areas: the Central Coast, 2.3 per cent; Mid-North Coast, 2.1 per cent; Murrumbidgee, 1.0 per cent; New England, 2.1 per cent; and Riverina, 0.9 of a percentage point.

The central west, Coffs Harbour and the south-eastern regions saw the largest decreases of between 0.5 and 0.7 of a percentage point.

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 latest report is based on survey responses covering 132,493 residential rental properties.

Vacancy rates creeping up in Sydney, some regional NSW areas
sydney bridge australia reb
lawyersweekly logo
Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.