Sydney rentals to remain hard to come by

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Sydney’s rental market is set to remain tight over the coming months according to one of New South Wales’ peak real estate bodies.

According to the latest edition of the Real Estate Institute of NSW (REINSW) Vacancy Rate Survey, Sydney’s vacancy rate remained at steady at 1.7% during April, meaning it has now remained unchanged for three straight months.

According to the REINSW, Inner Sydney remained the tightest market in the city during April with its vacancy rate unchanged at 1.3%, while the city’s other regions saw some movements.

“Middle Sydney was down 0.3% at 1.6%, while Outer Sydney rose 0.1% to 1.9%,” REINSW president John Cunningham said.

“Low vacancy rates highlight the shortage of properties in high demand areas. This trend is expected to continue into the winter months,” Cunningham said.

Outside of Sydney, vacacny the Hunter rose 0.2% to 2.5% despite a fall of 0.8% in Newcastle.

“Properties are leasing well and in quick time frames in Newcastle,” Mr Cunningham said.

In the Illawarra, vacancy rates rose 0.4% to 1.7%, led by Wollongong which was up 0.7% to 1.7%.

Source: REINSW

In the more regional areas, rental availability in Albury was down 0.7% to 2.9%, while the Riverina was down 1.2% to 3.1% and New England was steady at 3.6%.

The Central Coast saw its vacancy rate increase 1.0% to 3.0% and vacancies on the South Coast rose 0.3% to 2.5%.

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