Sydney vacancy rates remained steady in June, with only minor changes in Inner, Middle, and Outer Sydney, according to Real Estate of New South Wales’ (REINSW) Residential Vacancy Rate Report.
Vacancy rates in Inner and Middle Sydney rose to 3.4%, with rates in Outer Sydney declined by 0.1%, resulting in a 3.5% vacancy rate, according to the report.
“There has been an increase in stock across Sydney over the last 12 months, which has pushed the vacancy rate higher. It will be interesting to monitor the new stock coming to market during the next 12 months and its effect on the vacancy rate,” REINSW CEO Tim McKibbin said.
The Hunter region also saw a slight drop in vacancy rates from 1.8% in May to 1.7% in June. The Illawarra region experienced a 0.8% fall to 2.3% in June, according to the report.
Other regions in NSW experienced a decrease in vacancies, with Coffs Harbour and Orana rates falling to 2.2% and 0.7%, respectively. On the other hand, The Mid-North Coast saw a 0.8% vacancy rate growth, reaching 2.8%, the report said.
Year over year, Sydney saw a 0.7% increase in vacancies, from 2.7% to 3.4%. Newcastle and the Illawarra witnessed a 0.2% drop in the last 12 months, resulting in 1.7% and 2.3% vacancy rates, respectively, the report said.
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