Sydney rental vacancies remain steady, while Illawarra sees greater fluctuation.

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).

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.”

Sydney data

Overall, Sydney experienced a 3.4 per cent vacancy rate in June, seeing no change from May. Inner Sydney1 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 Sydney2 and Outer Sydney3 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 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

Year-on-year

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.