Further tightening for Sydney rental market

by Phil McCarroll20 Sep 2016
Sydney’s rental market remains one of the tightest in the nation, with figures showing rental accommodation became harder to come by in August.

Figures from the Real Estate Institute of New South Wales (REINSW) show Sydney’s residential vacancy rate was 1.8% at the end of August, representing a 0.1% fall over the month.

The overall fall was driven by conditions in the city’s middle and outer suburbs.

“Middle Sydney saw a decline of 0.3% at 1.6%,” REINSW deputy president Brett Hunter said.

“Inner Sydney remained steady at 1.9%, and outer Sydney was down 0.2% at 1.7%,” Hunter said.

For inner Sydney, August’s results means its vacancy rate has remained unchanged for the last three months, while the middle Sydney result is the lowest since May.

Outer Sydney’s August reading of 1.7% is its lowest since November 2015.

Outside of Sydney, conditions were mixed across the rest of the state.

In the Hunter region, the overall vacancy rate rose 0.3% to 2.7, led by a rise of 0.6% to 3.0% in Newcastle.

In the Illawarra region, the overall vacancy rate fell 0.3% at 1.6%, with Wollongong down 0.5% at 1.1%.

Across the regional areas, New England fell 0.8% to 3.9%, Murrumbidgee dropped 0.1% to 1.5% and Albury was down 0.6% to 3.1%.