Sydney residential vacancy rate tightens

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The latest Sydney residential vacancy rates point to a steady flow of tenants finding accomodation according to the Real Estate Institute of New South Wales (REINSW).

According to the REINSW’s latest Vacancy Rate Survey, Sydney’s vacancy rate dropped by 0.2% to 1.9% in July.

The drop means the vacancy rate is back to the level seen from March to April this year.

REINSW president Malcom Gunning said that while supply levels are still somewhat high, migration to Sydney is likely helping to fill vacant homes

“Supply is still strong, vacancy rates remain close to 2% which shows that supply is starting to meet demand,” REINSW President Malcolm Gunning said

“Despite the 0.2% decline month on month we still we think it is a good result and shows a strong stream of property on the market starting to feed the migration into Sydney.”

Looking closer at Sydney, the inner-city had the largest fall on the month, with a 0.5% decrease, but the area still has Sydney’s highest rate at 2.1%.

The middle-city fell by 0.2% to 1.7%, while the outer-city fell by 0.1% to 1.6%, which is the lowest level in the area since December 2014.

In the Illawarra the overall vacancy rate fell 0.5% to 1.7%, led by a fall of 1.0% to 1.4% in Wollongong.

The Hunter region saw availability rise 0.2% to 3.7% and the region with greatest availability was New England which jumped 1.2% at 4.6%.

South Eastern slipped 0.6% to 4.1% and Orana saw availability rise from 2.9% to 4.0%.

Northern Rivers and the Mid North Coast had the lowest vacancy rate at 1.4%, down 0.1% and 0.6% respectively, while Albury was up 0.2% at 2.2%.

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