Sydney Vacancy Rates On The Rise

Vacancy rates across Sydney continue to rise as seasonal factors influence the number of people seeking rental accommodation, according to the Real Estate Institute of New South Wales.

REINSW President John Cunningham said the July 2017 REINSW Vacancy Rate Survey saw the Sydney metropolitan area rise 0.1 percentage points at 1.9 per cent.

“Vacancy rates rose across the board in Sydney with Inner Sydney up 0.1 percentage points at 2.3 per cent, Middle Sydney increased 0.1 percentage points to 1.5 per cent, while Outer Sydney availability rose 0.2 percentage points to 1.9 per cent.

“Seasonal factors are playing a role in the increase in vacancy rates, as well as reduction in activity that we often see at the end and beginning of the financial year.

“We anticipate that this trend will continue during the remainder of winter,” Mr Cunningham said.

In the Illawarra, vacancy rates slipped 0.2 percentage points to 2.3 per cent with Wollongong down 0.2 percentage points at 2.2 per cent. The Hunter remained steady at 2.3 per cent, despite a fall of 0.2 percentage points in Newcastle.

Across regional areas, New England rose 1.1 percentage points to 4.2 per cent, the Central West added 0.6 percentage points to 3.5 per cent and the Central Coast added 0.5 percentage points to 3.2 per cent. The South Coast fell 0.5 percentage points at 1.6 per cent and the Northern Rivers declined 0.9 percentage points at 0.7 per cent.

Original article: http://www.apimagazine.com.au/property-investment/sydney-vacancy-rates-on-the-rise