REINSW says Sydney vacancy rate favours tenants

REINSW says Sydney vacancy rate favours tenants
REINSW says Sydney vacancy rate favours tenants

Sydney’s residential vacancy rate "continues to support those seeking rental accommodation," according to the REINSW President Leanne Pilkington.

She based her interpretation on its on the March 2018 REINSW Vacancy Rate Survey seeing availability fall 0.1 percentage points to 2.2 per cent for the Sydney metropolitan area. 

“A vacancy rate above 2 per cent is positive for those seeking rental properties,” Ms Pilkington said, in an apparent shift on the historic sentiment that a market is considered to be evenly balance between renters and landlords at a 3 percent vacancy rate, with anything above 3 percent favouring renters.

Middle Sydney and Inner Sydney rose 0.1 percentage points to 2.6 per cent and 1.9 per cent respectively.

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REINSW says Sydney vacancy rate favours tenants

Outer Sydney, the vacancy rate remained steady.

In the Hunter, vacancy rates rose 0.1 percentage points to 1.6 per cent with Newcastle up 0.4 percentage points. The Illawarra also remained stable for the third month in a row with vacancy rates at 1.9 per cent. Wollongong was down 0.1 percentage points at 2.2 per cent. 

Across regional areas, Northern Rivers rose 0.2 percentage points at 1.2 per cent, Murrumbidgee increased 0.2 percentage points at 1.0, while New England dropped 0.9 percentage points at 1.9 per cent.

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