Interesting news for tenants, with residential vacancy rates holding steady in Sydney, but falling across the Hunter and Illawarra areas during the holiday period.
According to the December 2017 REINSW Vacancy Rate Survey, the Sydney metropolitan area rose 0.1 percentage points to 2.2 per cent. This figure has risen from its lowest point in 2017 at 1.7 per cent from March to April.
Good news for landlords in the Hunter region, including Newcastle, with vacancy rates dropping 0.3 percentage points to 1.7 per cent in December 2017. Rates also fell in the Illawarra region, including Wollongong, falling 0.1 percentage points to 1.7 per cent in December. In bad news for tenants, this region has experienced a 0.8 percentage point fall since October 2017.
REINSW President, Leanne Pilkington, addressed the rate changes, stating that “during 2017 we saw a slight decline in rental availability in Sydney which bottomed out in March and April before rising again as the year progressed to see supply meeting demand”.
“Vacancy rates in Inner Sydney were down 0.1 percentage points in December at 2.0 per cent, while Outer Sydney rose 0.2 percentage points at 2.3 per cent and Middle Sydney was up 0.4 percentage points at 2.6 per cent.
“Across regional areas, Albury fell 0.7 percentage points at 2.3 per cent, Coffs Harbour was down 0.2 percentage points at 1.8 per cent, Northern Rivers rose 0.1 percentage points at 0.9 per cent and New England added 0.2 percentage points to 2.5 per cent,” said Ms Pilkington.