Sydney rental market slowing, latest research finds
The Sydney rental market has slowed, according to research from the Real Estate Institute of NSW.
REINSW deputy president Brett Hunter said the June 2018 REINSW Vacancy Rate Survey saw a general increase in vacancy rates across the Sydney metropolitan area.
“The Sydney vacancy rate rose 0.3 percentage points with rises of 0.4 percentage points in both inner and middle Sydney at 3.0 per cent and 2.8 per cent respectively, while outer Sydney remained steady at 2.4 per cent,” Mr Hunter said.
“Agents reported fewer enquiries coming through due to the approach of the winter season.
“An oversupply of apartments is also affecting middle Sydney.”
The survey also found that in the Hunter, vacancy rates rose 0.3 percentage points to 1.9 per cent, led by Newcastle which rebounded 0.5 percentage points to 2.4 per cent.
The Illawarra gained 0.1 percentage points to 2.5 per cent with Wollongong increasing 0.2 percentage points to 2.3 per cent.
It found that across regional areas, the Central Coast fell 0.1 percentage points at 2.0 per cent, Northern Rivers added 0.2 percentage points to 1.5 per cent and New England gained 0.4 percentage points to 2.3 per cent.
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