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Sydney’s falling vacancies “a glitch”
Although availability of rental accommodation declined across Sydney in August, the REINSW has dismissed this phenomenon as temporary and predicted rates would rise again in coming months.
In the month of August, vacancies fell by 0.2 per cent to 1.8 per cent in greater Sydney.
The inner suburbs fell by 0.2 per cent while the outer suburbs slipped by 0.1 per cent.
The middle suburbs bucked the trend by rising 0.2 per cent, to a citywide high of 2.1 per cent.
However, REINSW president Malcolm Gunning said rates were likely to trend upwards in coming months.
“This decline could really be considered a slight glitch. Over the next few months it is expected that availability will continue to improve as more properties enter the marketplace as a result of the construction boom in Sydney,” he said.
According to the REINSW, vacancies in Sydney hit bottom in March 2014, when rates were a low 1.4 per cent.
Mr Gunning said availability has been tracking upwards ever since.
Elsewhere in New South Wales, rates are a mixed bag.
Vacancies fell by 0.5 per cent in the Hunter Valley, to 3.3 per cent, and 0.1 per cent in Illawarra.
New England dropped 0.7 per cent to 3.5 per cent while Northern Rivers jumped by 1.7 per cent to a two-year high of 3.7 per cent.
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