Vacancy rates jump in middle Sydney

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Residential accommodation options in middle Sydney have hit a five-year high, with availability favouring those seeking rental property, according to the Real Estate Institute of New South Wales’ (REINSW) January 2018 Vacancy Rate Survey.

Leanne Pilkington, president of REINSW, said last month’s results saw the availability in middle Sydney rise 0.3 percentage points to 2.9%.

“This is the highest level since August 2012 when the vacancy rate for middle Sydney was at 3.0 per cent, she said. “The area has seen a significant increase in available stock and a decline in applications.”

In Inner Sydney, vacancy rates rose 0.1 percentage points to 2.1%, while Outer Sydney dropped 0.1 percentage points to land at 2.2%. The vacancy rate across metropolitan Sydney rose 0.1 percentage points, landing at 2.3%.

Hunter is also seeing vacancy rates greater than five years ago. Newcastle led the decline, with a drop of 0.4 percentage points, landing at 1.3%, a level last recorded in November 2012 when the rate was 1.2%.

In Illawarra, vacancy rates rose 0.2 percentage points, hitting 1.9%. Wollongong was also up 0.8 percentage points to 2.5%.

Across regional areas, Coffs Harbour and New England rose 0.7 and 0.5 percentage points respectively to 2.5%, while Northern Rivers fell 0.1 percentage points to 0.8%.

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