REINSW releases its October 2019 Vacancy Rate report

In a surprising turn for the rental market, vacancies in Middle and Outer Sydney have risen a considerable 1.2% in the month of October. The rise in vacancies was also mirrored throughout the Hunter region and Illawarra, which both saw a jump in the number of unlet properties. In contrast, vacancies in Inner Sydney have dropped for the third straight month, pointing to continued demand for inner-city living.

“Feedback from Sydney real estate agents is they’re noticing less people coming to rental home opens,” says REINSW CEO Tim McKibbin.

“In September, some agencies reported renting their highest number of properties in years and are now finding the market has slowed.”

Mr McKibbin says agents have also reported oversupply and rental prices as contributing to the rising rates.

“We are hearing the term oversupply in Sydney, as well Albury and the Central Coast.

“In the Illawarra and Hunter, many agencies say they are having to drop rents in order to attract tenants.” Sydney data

The Illawarra region

Overall, vacancies in the Illawarra rose by 0.2% to 2.4%. This was due to most areas in the region reporting an overall rise of 0.6%, however Wollongong bucked the trend, dropping 0.3% to 2.5% following September’s high of 2.8%.

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.

Source: REI NSW