Vacancy rates still tight across Sydney

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Sydney’s vacancy rate remained relatively tight during September according to figures from the Real Estate Institute of New South Wales (REINSW).

According to the REINSW’s September Vacancy Rate Survey, the city-wide vacancy rate rose by 0.1% to 1.9% during over the month.

The increase was driven by conditions in the middle-city, where the vacancies rose by 0.4% to 1.9%, while the outer-city saw a rise of 0.1%.

In the inner-city area, vacancies fell by 0.2% to 2%.

Despite the small increase for Sydney, REINSW president Malcolm Gunning said there is no concern as strong migration to the city will keep vacancies low.

“The market is stable. Supply is meeting the demand due to large volumes of new property on the market,” Gunning said.

“Sydney is the job destination for Australia and there is strong migration. This is why we are seeing low vacancy rates,” he said.

In regional NSW, Northern Rivers has the lowest availability with a vacancy rate of 1.1%, after a 0.2% decrease during September.

The Illawarra also a saw a decrease, with overall vacancies down 0.1% to 1.5%, despite a 0.6% rise in Wollongong.

Vacancies rose by 0.2% in the Hunter after Newcastle’s vacancy rate climbed by 1% to 4% during the month.

The Mid-North Coast saw its vacancy rate rise to 0.1% to 1.5%, while Albury and the Murrumbidgee both have a vacancy rate of 2.3% after rises of 0.4% and 0.9% respectively.
 

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