Middle Sydney apartment take up sees local residential vacancy fall: REINSW
Residential vacancy rates have tightened across Sydney according to the Real Estate Institute of New South Wales.
John Cunningham, REINSW President said the October 2016 REINSW Vacancy Rate Survey was at 1.7 percent, down 0.2 percent for Sydney.
“We have seen an increase in interest in Middle Sydney and the take up of newly completed apartments has seen vacancies fall 0.6 percent at 1.5 percent,” he said.
“This is the lowest vacancy rate for Middle Sydney since August 2015. Meanwhile Outer Sydney remained steady at 1.8 percent and Inner Sydney bucked the trend with a rise of 0.1 percent at 1.9 percent.
"In the Hunter, Newcastle saw an increase of 0.5 percent at 2.4 percent, despite this the overall vacancy rates across the region remained unchanged at 2.2 per cent.
In the Illawarra, vacancy rates made a 0.3 per cent correction to 1.6 percent overall as well as for Wollongong, which also rose 0.3 percent to 1.6 percent.
"Across regional areas, Albury leapt 1.0 per cent at 3.9 percent, the Central Coast fell 0.8 percent at 1.9 per ent and the Northern Rivers was down 0.2 percent at 0.8 percent, it’s lowest level since January 2016."
