Seasonal change hits vacancy rates

Residential vacancy rates are on the rise as the onset of cooler weather slows the market, which is still tightly held, according to the Real Estate Institute of New South Wales.

REINSW President John Cunningham said the May 2017 REINSW Vacancy Rate Survey saw the Sydney metropolitan market up 0.1 per cent at 1.8 per cent.

“The market has begun to come back to renters a little bit, as more stock enters the market place and winter sets in,” Mr Cunningham said.

“In particular this is being felt in Inner Sydney which saw a rise of 0.4 per cent to 1.9 per cent and Middle Sydney which also jumped 0.4 per cent to 1.6 per cent. Outer Sydney bucked the trend with a fall of 0.4 per cent at 1.8 per cent.

“However, vacancy rates of less than 2.0 per cent show the market is still in stress,” Mr Cunningham said.

In the Illawarra, vacancy rates rose 0.4 per cent at 1.8 per cent. The spike was attributed to areas outside of Wollongong, which saw an increase of 0.8 per cent to 2.3 per cent, while Wollongong slipped 0.1 per cent at 1.2 per cent.

The Hunter fell 0.2 per cent at 2.1 per cent, with Newcastle down 0.1 per cent at 2.2 per cent.

Across regional areas, the South Coast rose 0.5 per cent to 1.7 per cent, Northern Rivers added 0.6 per cent to 1.7 per cent and Coffs Harbour rose 0.3 per cent at 4.1 per cent. The Riverina fell 0.7 per cent at 2.7 per cent and Albury was down 0.2 per cent at 2.8 per cent.