Sydney rental market pulls tighter

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The rental market tightened across all areas of Sydney in February according to new figures from the Real Estate Institute of New South Wales (REINSW).

According to the REINSW’s Vacancy Rate Survey for February, Sydney’s vacancy rate declined 0.3% to a city-wide mark of 2%, with varying falls recorded across the city.

“Vacancy rates in Inner Sydney fell 0.6% to 1.3%, while Middle Sydney dropped 0.2% to 1.6% and Outer Sydney fell 0.2% to 2.1%,” REINSW president John Cunningham said.

The February fall for Middle Sydney means its vacancy rate is the lowest it has been since September 2015, while for Inner City the February mark is the lowest its vacancy rate has been since at least March 2015.

While Outer Sydney also saw a fall in February, the fact that its vacancy rate remains above 2% means its rental market is still softer than it was for much of 2015.

Source: REINSW

In the Hunter region vacancy rates slid 0.3% at 2.7% with Newcastle down 0.1% to 2.6%, while in the Illawarra vacancy rates slipped 0.8% to 1.2% over the month.

In the Northern Rivers vacancies rose 0.7% to 1.4%, while in Albury rose 1.0% to 3.7%.

The Central Coast slipped 0.7% to 2.1%, the Mid North Coast saw vacancies drop 0.4% to 0.4% and Coffs Harbour fell 0.1% to 2.3%.

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