Vacancy rate creeps back up in Sydney, down in regional NSW
Vacancy rates are starting to rise back after last month’s decline, new data shows.
The October 2018 edition of the REINSW Vacancy Rate Survey showed metropolitan Sydney vacancy rates were down 0.1 of a percentage point over the month to 2.1 per cent.
Leanne Pilkington, president of the REINSW, said there was a slight slowdown for those looking for rental accommodation in Inner and Middle Sydney as its vacancy rate increased, while Outer Sydney proved to be slightly more popular with its declining vacancy rate.
She said Inner Sydney vacancy rates were up by 0.4 of a percentage point to 2.8 per cent and Middle Sydney was up by 0.1 of a percentage point to 3.2 per cent.
Meanwhile, Outer Sydney’s vacancy rate declined 0.1 of a percentage point to 2.8 per cent.
Looking across regional NSW, the major areas saw vacancy rates mostly decline.
The Hunter region saw vacancy rates decline by 0.3 of a percentage point to 1.6 per cent. Major Hunter city Newcastle saw a decline of 0.9 of a percentage point down to 1.8 per cent.
Despite Illawarra’s major regional city Wollongong recording an increase of its vacancy rate of 0.1 of a percentage point to 2.2 per cent and other Illawarra areas rising by 0.6 of a percentage point to 1.3 per cent, the total vacancy rate for the whole Illawarra region declined by 0.1 of a percentage point to 1.7 per cent.
Other regional areas that saw declines include the Mid North Coast by 0.1 of a percentage point to 2 per cent. Murrumbidgee with 0.4 of a percentage point to 1.2 per cent, Orana with 0.4 of a percentage point to 1.6 per cent and the South Coast region by 0.1 of a percentage point to 1.8 per cent.
The regional areas that saw increases in vacancy rate over the month include the Central Coast by 0.6 of a percentage point to 2.4 per cent, the Central West region by 0.2 of a percentage point to 2.2 per cent, Coffs Harbour by 0.5 of a percentage point to 1.9 per cent, New England by 0.3 of a percentage point to 2.5 per cent, Riverina by 0.3 of a percentage point to 2.2 per cent and the South Eastern region, which rose by 1.5 per cent to 2 per cent.
Albury and Northern Rivers both remained steady at 2.2 per cent 1.3 per cent, respectively.
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