Sydney vacancy rates turn in favour of tenants: REINSW

Renters are on the front foot as Sydney’s residential vacancy rate hits levels last seen in September 2012, according to research from the Real Estate Institute of New South Wales.

REINSW President Leanne Pilkington said the April 2018 REINSW Vacancy Rate Survey saw availability rise 0.3 percentage points to 2.5% for the Sydney metropolitan area.  

“The tide is beginning to turn for tenants with vacancy rates at five-year lows,” Pilkington said. 

“There appears to be a saturation of supply, and agents are noting that previously high rents are becoming increasingly difficult to obtain. 

“In Outer Sydney vacancy rates rose 0.2 percentage points to 2.5%, while Inner Sydney and Middle Sydney both increased 0.3 percentage points to 2.2% and 2.9% respectively. 

In the Hunter, vacancy rates rose 0.1 percentage points to 1.7%, with Newcastle up 0.4 percentage points at 2.2%. The Illawarra added 0.3 percentage points to 2.1% with Wollongong increasing 0.1 percentage points to 2.3%. 

Across regional areas, Albury slipped 0.4 percentage points at 1.8%, the Central Coast fell 0.2 percentage points at 2.0%, while the Northern Rivers added 0.1 percentage points to 1.3% and the South Coast gained 0.5 percentage points to 3.0%.