Vacancy rates tighten in Sydney while Airbnb has a win
Residential vacancy rates have fallen across the Sydney market led by solid falls in availability in Middle Sydney, according to the Real Estate Institute of New South Wales.
REINSW President John Cunningham said the March 2017 REINSW Vacancy Rate Survey saw the Sydney metropolitan market down 0.2 per cent at 1.7 per cent.
“Middle Sydney led the fall in rental accommodation on offer with a 0.4 per cent decline at 1.4 per cent, Mr Cunningham said.
“Outer Sydney fell 0.1 per cent at 2.1 per cent and Inner Sydney was down 0.1 per cent at 1.6 per cent.”
The Hunter also saw a drop of 0.1 per cent at 2.0 per cent with a 0.7 per cent correction in Newcastle at 2.0 per cent.
In the Illawarra, vacancy rates rose 0.4 per cent at 1.5 per cent with Wollongong adding 0.1 per cent to 1.2 per cent.
Across regional areas, the Northern Rivers has the lowest vacancy rate at 1.0 per cent, down 0.1 per cent, the South Coast dropped 0.7 per cent at 1.4 per cent and Albury was down 1.0 at 2.2 per cent.
Meanwhile, Airbnb is one step closer to getting the green light throughout New South Wales after the State Government gave qualified support to nine of the parliamentary inquiry’s recommendation to allow short-term rentals, and full support to the other three with further consultation to happen with both the public and the industry.
According to the ABC, Airbnb has more than 40,000 listings throughout New South Wales, but regulation varies from council to council, with bans existing in some.