The boom is not over yet: 10 regions positioned for further growth
While housing values in Sydney and Melbourne are declining, an expert has highlighted that there are markets across the ...
The warmer weather has driven Sydney vacancy rates down, new data from the Real Estate Institute of NSW reveals.
The September 2018 edition of the REINSW Vacancy Rate Survey showed metropolitan Sydney vacancy rates were down 0.2 of a percentage point over the month to 2.8 per cent.
Leanne Pilkington, president of the REINSW, said inner Sydney vacancy rates were down by 0.5 of a percentage point, the lowest level since May.
Outer Sydney also declined by 0.2 of a percentage point to 2.9 per cent, while middle Sydney saw no movement and held steady at 3.1 per cent.
Looking across regional NSW, the major areas saw vacancy rates creeping upward.
The Hunter region saw vacancy rates rise by 0.1 of a percentage point, which includes the large regional city of Newcastle, which also rose by 0.8 of a percentage point.
Other regional areas experiencing rises include Albury by 0.6 of a percentage point to 2.2 per cent, Murrumbidgee by 0.6 of a percentage point to 1.6 per cent, and Orana by 0.2 of a percentage point to 2 per cent, and Northern Rivers by 0.3 of a percentage point to 1.3 per cent.
Defying the regional trend was Illawarra with a decline of 0.2 of a percentage point down to 1.8 per cent, despite the major area of Wollongong, which rose by 0.1 of a percentage point to 2.1 per cent.
Meanwhile, regional areas that are seeing a drop in their vacancy rate include the Central Coast by 0.7 of a percentage point to 1.8, the central west region by 0.2 of a percentage point to 2 per cent, Coffs Harbour by 2.4 per cent to 1.4 per cent, the mid-north coast region by 0.2 of a percentage point to 2.1 per cent, Riverina by 1.5 per cent to 1.9 per cent, the south coast region by 0.8 of a percentage point and the south-eastern region by 0.1 to 0.5 of a percentage point.
New England saw no movement, holding steady at 2.2 per cent.
Rent refers to the payment made by a tenant periodically to a landlord for the use and occupancy of a property.
A vacancy is a term that describes an unoccupied or empty space.