opinion

Rental market in NSW still recovering from summer holidays

By Staff Reporter

Residential vacancy rates were again influenced by the summer holidays and festive season, according to the latest data released by the Real Estate Institute of NSW.

REINSW President John Cunningham said the January 2017 REINSW Vacancy Rate Survey saw the Sydney metropolitan market up 0.1 per cent to 2.1 per cent.

Inner Sydney and outer Sydney saw an increase of 0.1 per cent to 1.9 per cent and 0.2 per cent to 2.2 per cent respectively, while middle Sydney remained steady at 2.1 per cent.

“Activity was limited prior to Australia Day with the desire to search for new rental accommodation low on the agenda during this busy time,” Mr Cunningham said.

He also said the market began to recover as the month progressed.

Across the rest of the state, the Hunter rose 0.1 per cent to 2.3 per cent despite a fall of 0.4 per cent in Newcastle to 2.0 per cent.

In the Illawarra, vacancy rates rose 0.1 per cent to 1.4 per cent with Wollongong back up 0.6 per cent to 2.1 per cent.

Across regional areas, the mid-North Coast rose 0.2 per cent to 2.0 per cent, Coffs Harbour saw an increase of 0.5 per cent to 2.6 per cent and Albury rose 0.7 per cent to 4.0 per cent.

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Rental market in NSW still recovering from summer holidays
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