Vacancy rates steady in Sydney, mostly down in regional NSW
The rental market in NSW saw modest success over the month of July, research from the Real Estate Institute of NSW (REINSW) indicates.
The data, which comes from the July 2018 REINSW Vacancy Rate Survey, showed vacancy rates throughout the metropolitan Sydney area rise by 0.1 of a percentage point to 2.8 per cent.
According to REINSW deputy president Brett Hunter, the survey showed the vacancy rate declined 0.1 of a percentage point both in the middle and inner Sydney areas.
However, the outer Sydney area went in the opposite direction and saw its vacancy rate rise by 0.3 of a percentage point to 2.7 per cent.
“The Sydney vacancy rate we are seeing at the moment is in line with the winter seasonal trend,” Mr Hunter said.
Looking to regional NSW, the Hunter area saw vacancy rates decline by 0.2 of a percentage point to 1.7 per cent, which included Newcastle and its declining vacancy rate of 2.2 per cent, down by 0.2 of a percentage point. Illawarra’s vacancy rate was down by 0.5 of a percentage point to 2 per cent, which included Wollongong and its declining vacancy rate of 2 per cent, down by 0.5 of a percentage point.
Other regional areas include Albury, which rose 0.1 of a percentage point to 1.5 per cent, while the Riverina and Central Coast regions remained steady at 3.1 per cent and 2.0 per cent respectively.
More from this writer:
-
Where to find winners in the WA market
-
How rents have performed for investors so far this year
-
How to save money with a new repayment strategy
-
Popular capital cities on the rise as market softens over June
-
Cash rate call for July 2019 revealed
-
New property sales rebound over May
-
How far can a $500,000 budget get you in Sydney?