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Vacancy rate improves in parts of NSW

Vacancy rate improves in parts of NSW

by Lyall Russell | December 11, 2019 | 1 minute read

Vacancy rates across Sydney have bucked the trend at this time of year, with new data showing an unusual decline.

Sydney
December 11, 2019

The latest data from REINSW has revealed Sydney vacancy rates dropped by 0.4 of a percentage point in November to 3.2 per cent.

“We’ve seen a decline in vacancies in all areas of Sydney, which is unusual for this time of year,” REINSW CEO Tim McKibbin said.

Although vacancy rates are lower, they have remained well above 3 per cent for much of the year. However, last year, the rates stayed between 2 and 3 per cent.

The situation looks strong for landlords in the Hunter region, as rates dropped by 0.2 of a percentage point last month to 1.8 per cent.

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But Newcastle saw rates tick up slightly, up from 2.5 per cent to 2.6 per cent, the highest it has been all year.

“The Illawarra has bucked the trend, with vacancies in Wollongong jumping significantly. Agents there are reporting difficult conditions, with a large proportion of homes unlet,” Mr McKibbin said.

Wollongong saw a significant increase in November, up by 1.8 per cent to 4.3 per cent, its highest rate since that start of the year.

The rest of NSW reported decreases, except for Albury, the Central West and the Mid-North Coast, which had small increases.

About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of content at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]com.au

Vacancy rate improves in parts of NSW
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