NSW vacancy rates edge the way of tenants amid changing market conditions

17 MAY 2018 By Eliot Hastie 9 min read Hotspots

As the market in Sydney continues to turn, housing vacancy rates are beginning show favour towards renters, new research has found. 

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The Real Estate Institute of NSW (REINSW) said that Sydney’s residential vacancy rates have hit levels last seen in September 2012.

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REINSW President Leanne Pilkington said that the REINSW Vacancy Rate Survey found that in April, availability had risen 0.3 percentage points to 2.5 per cent for Sydney.

“The tide is beginning to turn for tenants with vacancy rate at 5-year lows,” Ms Pilkington said.

Across Sydney vacancy rates rose, with the biggest change rise occurring in inner and middle Sydney, said Ms Pilkington.

“In outer Sydney, vacancy rates rose 0.2 percentage points to 2.5 per cent, while inner and middle Sydney both increased 0.3 percentage points to 2.2 per cent and 2.9 per cent respectively,” she said.

Ms Pilkington said that agents are taking note and readjusting their rental expectations.

“There appears to be a saturation of supply and agents are noting that previously high rents are becoming increasingly difficult to obtain,” she said.

Across NSW, vacancy rates experienced movement with rises in the Hunter, Newcastle, Illawarra and Wollongong.

Newcastle had the biggest rise by 0.4 percentage points to 2.2 per cent whilst Hunter and Wollongong both increased by 0.1 percentage point to 1.7 per cent and 2.3 per cent respectively.

Illawarra rose by 0.3 percentage points to 2.1 per cent.

Regionally, Albury slipped 0.4 percentage points to 1.8 per cent and Central Coast fell by 0.2 percentage points to 2.0 per cent.

Northern Rivers added 0.1 percentage points to 1.3 per cent and the South Coast gained 0.5 percentage points to 3.0 per cent.

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