Residential vacancy rates across Sydney are showing no signs of relief, according to the Real Estate Institute of New South Wales.
REINSW President John Cunningham said the April 2017 REINSW Vacancy Rate Survey saw the Sydney metropolitan area remain steady at 1.7 per cent, despite a decline of 0.2 per cent at 1.2 per cent in Middle Sydney.
“A vacancy rate under 2.0 per cent signals that there are supply issues across Sydney,” Mr Cunningham said.
“This is particularly being seen in the Middle Suburbs which are 10km-25km from the CBD, where we have vacancy rates at the lowest level since March 2011.
“Inner Sydney vacancy rates fell 0.1 per cent at 1.5 per cent and Outer Sydney bucked the trend to rise 0.1 per cent at 2.2 per cent.”
The Hunter rose 0.3 per cent to 2.3 per cent, largely due to an increase of 0.3 per cent in Newcastle to 2.3 per cent.
In the Illawarra, vacancy rates slipped 0.1 per cent at 1.4 per cent despite a rise of 0.1 per cent to 1.3 per cent in Wollongong.
Across regional areas, Albury’s vacancy rate jumped 0.8 per cent to 3.0 per cent, Coffs Harbour rose 0.9 per cent to 3.8 per cent and New England rose 0.9 per cent to 3.0 per cent. The Northern Rivers added 0.1 per cent to 1.1 per cent, while the South Coast fell 0.2 per cent at 1.2 per cent.
* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
- ‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.
- ‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
- ‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.