The rental market in inner Sydney appears to be softening, with the availability of rental properties increasing for two months in a row, and the highest vacancy rates seen in nearly two years, according to the latest data from the Real Estate Institute of New South Wales.
REINSW President John Cunningham said the June 2017 REINSW Vacancy Rate Survey saw Inner Sydney rise 0.3 percentage points to 2.2 per cent, while the overall Sydney metropolitan area remained steady at 1.8 per cent. since August 2015
“The rise in Inner Sydney was offset by a decline of 0.2 per cent at 1.4 per cent in Middle Sydney, while outer Sydney slipped 0.1 per cent at 1.7 per cent.
“More stock has entered the market place in Inner Sydney which has seen a rise in availability as tenants take time to fill the available accommodation,” Cunningham said.
Around the regions:
- In the Illawarra, vacancy rates rose 0.7 percentage points to 2.5 per cent
- Wollongong vacancy rates were up 1.2 percentage points to 2.4 per cent
- In the Hunter, vacancy rates rose 0.2 percentage points to 2.3 per cent
- Newcastle and Albury and the highest vacancy rates at 3.1 per cent, up 0.3 percentage points for Newcastle, and down 0.1 percentage points for Albury