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The latest rental vacancy survey for New South Wales has revealed mixed results for regional centres and a slight tightening in rental availability across the state’s biggest market.
The Real Estate Institute of New South Wales’ (REINSW's) Vacancy Rate Survey for July 2015 reports a slight drop in vacancies across Sydney, with the New England region recording the highest vacancy rate in the state.
Vacancy rates in Sydney dropped by 0.2 per cent to sit at 1.9 per cent during July – a positive result according to REINSW president Malcolm Gunning.
“Despite the 0.2 per cent decline month-on-month we still we think it is a good result and shows a strong stream of property on the market starting to feed the migration into Sydney,” he said.
“Inner Sydney saw falls of 0.5 per cent to 2.1 per cent, while middle Sydney and outer Sydney, saw falls in availability of 0.2 per cent at 1.7 per cent and 0.1 per cent to 1.6 per cent respectively,” Mr Gunning said.
The New England area recorded a vacancy rate of 4.6 per cent for July, up from 3.4 per cent in June.
Northern Rivers and the mid north coast recorded the lowest vacancy rate at 1.4 per cent – representing a 0.1 per cent and 0.6 per cent decline respectively.
The Hunter region recorded an overall vacancy rate of 3.7 per cent, with Newcastle remaining steady at 3.8 per cent.
The Illawarra region recorded a vacancy rate of 1.7 per cent, with Wollongong falling by 1.0 per cent to sit at 1.4 per cent.
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.
A vacancy is a term that describes an unoccupied or empty space.