The June REINSW Residential Vacancy Rate Report reveals no change in vacancy rates across wider Sydney, with only minor changes in Inner (up 0.3 per cent to 3.4 per cent), Middle (up 0.1 per cent to 3.4 per cent) and Outer Sydney (down 0.1 per cent to 3.5 per cent). Similarly, the Hunter region saw a minor decrease of 0.1 per cent from 1.8 per cent in May to 1.7 per cent in June. The Illawarra region saw a greater decrease, dropping 0.8 per cent from 3.1 per cent in May to 2.3 per cent in June.
“There has been an increase in stock across Sydney over the last 12 months, which has pushed the vacancy rate higher,” says REINSW CEO, Tim McKibbin. “It will be interesting to monitor the new stock coming to market during the next 12 months and its effect on the vacancy rate.”
Overall, Sydney experienced a 3.4 per cent vacancy rate in June, seeing no change from May. Inner Sydney saw a minor increase of 0.3 per cent, from 3.1 per cent in May to 3.4 per cent in June. Both Middle Sydney and Outer Sydney saw 0.1 per cent changes, with vacancies in Middle Sydney increasing to 3.4 per cent and Outer Sydney decreasing to 3.5 per cent.
The Hunter region
Overall vacancy rates in the Hunter region remained steady, with a minor decrease of 0.1 per cent from 1.8 per cent in May to 1.7 per cent in June. Vacancy rates in other areas in the region also decreased, dropping 0.3 per cent from 1.9 per cent in May to 1.6 per cent in June. However, Newcastle saw a minor rise in vacancies of 0.1 per cent, from 1.7 per cent in May to 1.8 per cent in June.
The Illawarra region
The Illawarra region experienced a 0.8 per cent decrease in rental vacancies, from 3.1 per cent in May to 2.3 per cent in June. This follows a 0.5 per cent increase between April and May, resulting in a 1.3 per cent variance in just two months. Wollongong and other areas also saw decreasing vacancy rates between May and June, dropping 1.2 per cent to 2.1 per cent and 0.3 per cent to 2.6 per cent, respectively.
Other regional NSW areas
Between May and June, Coffs Harbour and Orana saw greater decreases in vacancies, dropping 1.5 per cent to 2.2 percent and 0.7 per cent to 1.6 per cent, respectively. The Mid-North Coast saw a 0.8 per cent increase, with vacancies reaching 2.8 per cent.
For the year ending June 2019, Sydney saw a 0.7 per cent increase in vacancies, from 2.7 per cent to 3.4 per cent. Newcastle and the Illawarra have both seen a 0.2 per cent decrease in the last 12 months, to 1.7 per cent and 2.3 per cent, respectively.
The REINSW Residential Vacancy Rate Report is based on the proportion of unlet residential dwellings to the total rent roll of REINSW member agents on the 15th of each month. Carried out monthly, the research – a survey of REINSW member agents conducted by Survey Matters – collects the total properties on agency rent rolls, the number of properties that were vacant on the 15th of the month, and the postcode in which a majority of agents’ rental properties are located. The suburb-level rates reported by agents are weighted based on ABS Census 2016 Dwelling Characteristics. The May report is based on survey responses covering 125,799 residential rental properties.