Sydney’s rental market is still being met with adequate demand, according to figures released yesterday.
The latest vacancy rate figures from the Real Estate Institute of New South Wales’ (REINSW) have shown that the city’s overall vacancy rate saw no movement over October, staying put at the 1.9% it rose to in September.
According to Malcolm Gunning, REINSW president, the Sydney rental market has the city’s employment prospects to thank for the continual low vacancy rate.
“For a second month in a row vacancy rates have remained at 1.9 %,” Gunning said.
“Job growth continues to be the key driver of interest in the Sydney market and the figures indicate demand is being met,” he said.
While overall the Sydney vacancy rate remained steady during October, there was some movement across the city.
The REINSW figures show the Inner City vacancy rate rose 0.1 % to 2.1 %, while vacancies in Outer Sydney dropped 0.1% to 1.6%.
The Middle Sydney vacancy rate remained steady at 1.9%.
While there was little movement in Sydney over October, regional markets of NSW proved to be more volatile.
Newcastle’s vacancy rate dropped to 1.8% to 2.2% over October, helping the Hunter-wide regional vacancy rate decrease from 3.3% to 2.7%.
Wollongong’s vacancy rate climbed 1.1% to 2.6%, pulling the overall Illawarra regional vacancy rate up 0.4% to 2.6%.
New England saw an increase of 0.6 % to 4.3 %, while Albury rose 0.5 % to 2.8 % and the Northern Rivers rose 0.1 % to 1.2 %.
Coffs Harbour dropped from 2.8 % to 1.9 % and the Mid North Coast 0.1 % to 1.4 %.
