If you’re thinking of raising that rent on your Sydney property, you may want to hold off just yet.
Despite a new report by Real Estate Institute of NSW showing a dip in Sydney’s rental vacancy rate by 0.2% to 1.8%, the overall trend is still on the way up.
REINSW president Malcolm Gunning said that inner Sydney vacancy rates declined by 0.2% to 1.8%, while the outer suburbs slipped by 0.1% to 1.8%.
However, the middle suburbs bucked the trend with a rise of 0.2% to 2.1%.
Gunning said the market actually hit the lowest point in March this year with a vacancy rate of 1.4%.
In the five months since, vacancy rates have been tracking upwards.
This meant that the latest data showing a decline could be considered a slight glitch, Gunning continued.
“Availability will continue to improve as more properties enter the marketplace as a result of the construction boom in Sydney.”
Inner suburbs include Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.
Middle suburbs include Auburn, Bankstown, Burwood, Canterbury
, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta
, Rockdale, Ryde, Strathfield and Willoughby.
Outer suburbs include Baulkham Hills, Blacktown
, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.
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