Outer suburbs lead 0.4 percentage point rise in Sydney vacancy rate to 2.1% in May: REINSW
While still heavily favouring landlords, the Sydney vacancy rate eased by 0.4 percentage points in May to 2.1%, according to the latest Real Estate Institute of New South Wales (REINSW) figures.
The increase in the vacancy rate follows three successive months of declining vacancy rates from 1.9% in February to 1.7% in April.
The increase was driven by 0.6 percentage point rise in the vacancy rate in the outer Sydney suburbs (more than 25 kilometres from CBD) from 1.7% to 2.3%.
The inner suburbs (within 10 kilometres from CBD) vacancy rate eased by 0.3 percentage points to 1.9% while the middle suburbs (between 10 to 25 kilometres from CBD) remained unchanged at 1.9%.
A vacancy rate below 3% is said to favour landlords over tenants.
“After three months in a row of residential vacancy declines we are back to levels seen in January. Despite the increase vacancy rates are still dire.” REINSW president Christian Payne
Beyond Sydney vacancy rates lifted by varying degrees in most regional areas.
The Hunter region’s vacancy rate lifted 0.3 percentage points to 2.9 per cent, with an increase of 0.2 percentage points in Newcastle to 2.1%.
The Central Coast rebounded 0.7 percentage points to 2.6% and Northern Rivers and New England both jumped 0.3 percentage points to 2.4% and 3.1%, respectively.
Despite a rise of 0.2 percentage points, Orana, which includes the major centres of Dubbo, Cobar and Mudgee, continued to be the hardest place to find rental accommodation with a vacancy rate of 1.6%.
Coffs Harbour was again the easiest place to find rental accommodation despite the second month in a row of decline at 4.0 per cent, down 0.1 percentage points
Bucking the trend was Albury with a fall of 0.4 percentage points to 1.8% and the Riverina which fell 0.1 percentage points to 3.3%.