According to data released by the Real Estate Institute of New South Wales (REINSW), residential vacancy rates have tightened across the Sydney market, with new accommodations being snapped up across the city.

The residential vacancy rate in Sydney was 1.7% in October 2016, down 0.2% from September 2016.

“We have seen an increase in interest in Middle Sydney and the take up of newly completed apartments has seen vacancies fall 0.6 per cent at 1.5 per cent,” John Cunningham, president of REINSW, said. “This is the lowest vacancy rate for Middle Sydney since August 2015. Meanwhile, Outer Sydney remained steady at 1.8 per cent and Inner Sydney bucked the trend with a rise of 0.1 per cent at 1.9 per cent.”


In the Hunter region, Newcastle saw an increase of 0.5%. The residential vacancy rate in Newcastle was 2.4% this October. Despite this modest gain, overall vacancy rates across the Hunter region remained unchanged at 2.2%.


In the Illawarra region, residential vacancy rates made a 0.3% correction to 1.6% for October 2016. The same movement was seen in the seaside city of Wollongong, where residential vacancy rates rose 0.3% to 1.6% for October 2016.


As for other regional areas, the residential vacancy rate in Albury leapt 1% (hitting 3.9% for October 2016). The residential vacancy rate in the Central Coast fell 0.8% (landing at 1.9% for October 2016).


In the Northern Rivers region, the residential vacancy rate decreased by 0.2%, landing at 0.8% for October 2016. This is the lowest it’s been in the Northern Rivers region since January 2016.

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