Sydney’s vacancy rate holds despite market fluctuations
Vacancy rates in Sydney have continued to hold, even with the looming downturn for the capital city’s property market.
According to figures published in the Real Estate Institute of NSW’s (REINSW) Vacancy Rate Survey, the vacancy rate in metropolitan Sydney remained stable in December 2017, increasing by 10 basis points to 2.2 per cent.
“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,” REINSW president Leanne Pilkington said.
Vacancy rates in inner Sydney dropped by 0.1 per cent to 2.0 per cent in December, while supply of vacant housing in outer Sydney rose by 20 basis points to 2.3 per cent.
Residential vacancy rates in the Hunter region declined by 0.3 per cent to 1.7 per cent, with supply in Newcastle slipping by 0.6 per cent to 1.7 per cent.
The Illawarra and Wollongong both experienced a 0.1 per cent fall in vacancy rates to 1.7 per cent.
Further, across regional NSW, residential vacancy rates in Albury dropped by 0.7 per cent to 2.3 per cent, while Coffs Harbour experienced a fall of 0.2 per cent to 1.8 per cent.
Conversely, Northern Rivers (up by 0.1 per cent to 0.9 per cent) and New England (up by 0.2 per cent to 2.5 per cent) both experienced slight increases.
More from this writer:
-
Credit crunch could ‘exacerbate’ price falls
-
Housing market to withstand jobless surge: PIPA
-
Responsible lending leeway ‘put to the test’ by COVID-19
-
NSW, Victoria open door to stamp duty reform
-
Owner-occupiers drive book growth for big 4
-
Housing remains ‘severely unaffordable’ despite correction
-
Prices to soon exceed peak in ‘unsustainable moon-shot’