Vacancy rates rising in major city
Rising vacancy rates reveal that finding a tenant in Sydney is becoming harder, with some parts of the city recording three per cent vacancy rates.
In July, Sydney rental vacancies reached their highest level since 2006. This upward momentum continued in August with the vacancy rate adding another 0.5 per cent to 2.7 per cent.
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The last time the city recorded a vacancy rate of 2.7 per cent was in January 2006.
"Again we are seeing strong growth in available rental accommodation which is obviously good news for prospective tenants," says REINSW President, Christian Payne.
"Sydney's middle and outer suburbs saw available accommodation rates increase significantly; middle suburbs increased 0.7 per cent to 3.0 per cent and outer suburbs rose 0.8 per cent to 3.1 per cent.
"The inner suburbs of Sydney are well behind with a vacancy rate of 1.8 per cent, down 0.2 per cent from the previous month.
"Wollongong also reflected the strong upward trend of Sydney, with overall vacancy rates increasing 0.9 per cent to 3.4 per cent.
"Newcastle recorded a decline in August with the percentage of available properties falling 0.4 per cent to 1.4 per cent.”
