Sydney’s rental market has slipped backwards in September, according to data from the Real Estate Institute of New South Wales.
The September 2014 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney fall 0.1% to 1.7%.
“Rental vacancies declined across Sydney. Outer Sydney saw the largest declines, hitting 10 month lows,” REINSW President Malcolm Gunning said.
“Outer Sydney vacancy rates dropped 0.2% to 1.4%, while Middle Sydney fell 0.3% to 1.9% and Inner Sydney remained steady at 1.8%.”
According to the survey, vacancy rates in the Illawarra remained steady at 2% despite a rise of 0.5% to 2.7% in Wollongong.
The Hunter region was down 0.2% on the back of a 0.8% fall in vacancy rates in Newcastle to 1.9%. This is the lowest level for Newcastle since September 2013.
In regional areas, the Mid-North Coast was the hardest place to find rental accommodation at 1.4%, down 0.2%. Bucking the trend was Central West which jumped 0.5% to 4.3% and Orana which added 1.1% to 3.2%.