Sydney’s vacancy rates remained steady at a mere 1.7 per cent in April, according to the latest Real Estate Institute of New South Wales Vacancy Rate Survey.
In Middle Sydney, the vacancy rate declined 0.2 per cent to only 1.2 per cent, the lowest level recorded for the region since March 2011.
Vacancy rates across Sydney are showing no signs of relief, said REINSW president John Cunningham.
“A vacancy rate under 2.0 per cent signals that there are supply issues across Sydney,” Cunningham said.
“This is particularly being seen in the Middle Suburbs which are 10km-25km from the CBD,” he said.
“Inner Sydney vacancy rates fell 0.1 per cent to 1.5 per cent, and Outer Sydney bucked the trend to rise 0.1 per cent to 2.2 per cent.”
The Hunter rose 0.3 per cent to 2.3 per cent, largely due to an increase of 0.3 per cent in Newcastle to 2.3 per cent.
In the Illawarra, vacancy rates slipped 0.1 per cent to 1.4 per cent, despite a rise of 0.1 per cent to 1.3 per cent in Wollongong.
In other regional areas:
- Albury’s vacancy rate jumped 0.8 per cent to 3.0 per cent
- Coffs Harbour rose 0.9 per cent to 3.8 per cent
- New England rose 0.9 per cent to 3.0 per cent
- the Northern Rivers added 0.1 per cent to 1.1 per cent
- the South Coast fell 0.2 per cent to 1.2 per cent
Read more about NSW vacancy rates:
- Weighing up rental vacancies and unemployment rates
- It’s getting harder to find a rental property in Sydney
- NSW vacancy rates slip backwards
This article first appeared on The Real Estate Conversation website.