Middle Sydney sees vacancy rate at five year highs

Residential accommodation options in middle Sydney have hit a five year high, according to the Real Estate Institute of New South Wales.

The January 2018 REINSW Vacancy Rate Survey saw availability in middle Sydney up 0.3 percentage points to 2.9%. 

“This is the highest level since August 2012 when the vacancy rate for middle Sydney was at 3.0%, REINSW President Leanne Pilkington said.  

“The area has seen a significant increase in available stock and a decline in applications,” she added. 

In inner Sydney vacancy rates rose 0.1 percentage points to 2.1%, while outer Sydney slipped 0.1 percentage points at 2.2%. The vacancy rate across metropolitan Sydney rose 0.1 percentage points at 2.3%. 

The Hunter is also seeing vacancy rates of more than five years ago, although this time at the lowest levels, after it fell 0.2 percentage points at 1.5%.

Newcastle led the decline with a drop of 0.4 percentage points at 1.3%, a level last recorded in November 2012 when the rate was at 1.2%. 

In the Illawarra, vacancy rates rose 0.2 percentage points to 1.9%. Wollongong was up 0.8 percentage points at 2.5%. 

Across regional areas, New England and Coffs Harbour rose 0.5 and 0.7 percentage points respectively to 2.5%, while Northern Rivers fell 0.1 percentage points at 0.8%.