Vacancy rates to know: 10 New South Wales locations

Vacancy rate changes are becoming notable within New South Wales and Sydney, and the the June 2014 Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey has noted what is occurring across the state.

REINSW president Malcolm Gunning noted that rates above 2% are considered neutral, and that some areas will be seeing an increase in vacancy rate as new rental accommodation is constructed.

Here are 10 locations in New South Wales notable in the survey.

• ALBURY

Current vacancy rate: 1.1%

The vacancy rate has dropped by 0.5%, and this is down to levels that the REINSW notes they last saw in March 2003 where they dropped to 0.7%.

“Albury is a vibrant regional centre with lots of activity. It is growing and has solid employment opportunities. Less incentives for first homebuyers see people in the area renting for longer or those from metropolitan areas moving to enjoy a tree-change,” Gunning said.

• ILLAWARRA

Current vacancy rate: 1.8%

The Illawarra’s vacancy rate has tightened by 0.1%.

• Wollongong

Current vacancy rate: 2.1%

This is a decrease of 0.3%.

• HUNTER

Current vacancy rate: 3.3%

The area had a drop of 0.1%, led by a 0.4% decrease in Newcastle, to 3.5%.

• CENTRAL WEST

Current vacancy rate: 4.4%

The area is down 0.3%.

• RIVERINA

Current vacancy rate: 3.6%

The area is up 0.3%.

• COFFS HARBOUR

Current vacancy rate: 3.6%

Coffs Harbour is up 0.2%.

See over page for Sydney metro (inner, middle and outer) vacancy rate details.

SYDNEY METRO:

Current vacancy rate overall: 1.8%

Across Sydney, the residential vacancy rates were notably unchanged on the whole – with opportunities for those looking for rentals.

Across Sydney’s entirety, the rate dropped 0.1%.

• INNER

Current vacancy rate: 1.9%

• MIDDLE

Current vacancy rate: 2.1% (biggest mover with a 0.4% drop)

• OUTER

Current vacancy rate: 1.5%