Sydney's stable rental market in September
Sydney residential vacancy rates were largely stable in for the first month of Spring, according to data released by the Real Estate Institute of New South Wales.
The number of properties for rent across Sydney rose 0.1% to 1.9% in September.
REINSW President Malcolm Gunning said middle Sydney gained 0.4% to 1.9%, outer Sydney rose 0.1% and inner Sydney fell 0.2% at 2.0%.
“The market is stable,” Mr Gunning said.
“Supply is meeting the demand due to large volumes of new property on the market.
“Sydney is the job destination for Australia and there is strong migration. This is why we are seeing low vacancy rates,” Mr Gunning said.
The Hunter region saw a rise of 0.2% after a 1% increase in Newcastle to 4.0%.
In the Illawarra the overall vacancy rate retreated 0.1% to 1.5%, despite a rise of 0.6% in Wollongong.
The regional areas Northern Rivers has the lowest availability with a vacancy rate of 1.1%, down 0.2%.
The Mid-North Coast was up 0.1% at 1.5%, while Albury and Murrumbidgee had a vacancy rate of 2.3% with a gain of 0.4% and 0.9% respectively.
* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.
‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.
