“Rental vacancies in Sydney dropped to 2.9 per cent, the lowest in a year, led by areas such as Chatswood, Auburn and Arndell Park, the latest REINSW Residential Vacancy Rate Report shows.”
The September REINSW Residential Vacancy Rate Report reveals Rental vacancies in Sydney have dropped to their lowest rate this year, down a substantial 0.7% on August. Middle Sydney saw the biggest drop of 0.9% compared to August, followed by Outer Sydney (down 0.8%) and Inner Sydney (down 0.3%). It was a trend mirrored by the Hunter which is experiencing its lowest vacancy rates in years at just 1%. The Illawarra followed suit with a drop of 0.1%, but Wollongong continues to buck the trend, with rental vacancies up by 0.4%.
“We haven’t seen Sydney’s vacancy rates this low since October last year,” says REINSW CEO Tim McKibbin, “with a reduction in the available rental supply, we could see upward pressure on rents.”