Vacancy rates have risen right across Sydney, according to research from the Real Estate Institute of New South Wales.
REINSW President Leanne Pilkington said the August 2018 REINSW Vacancy Rate Survey saw metropolitan Sydney vacancy rates up 0.2 percentage points at 3.0 per cent.
“Vacancy rates in Middle and Inner Sydney are both at 3.1 per cent, an increase of 2.0 percentage points and 4.0 percentage points respectively. In Inner Sydney vacancy rates rose 2.0 percentage points to 2.9 per cent,” Ms Pilkington said.
“We have seen a steady and relatively consistent rise in vacancy rates across Sydney as a string of developments reach completion creating an oversupply in the marketplace.
“As a result rents are falling and properties are staying longer on the market than usual,” she said.
In the Hunter, vacancy rates rose 0.1 percentage points to 1.8 per cent, despite Newcastle’s slide of 0.1 percentage points at 2.1 per cent. The Illawarra remained steady at 2.0 per cent with Wollongong’s vacancy rates also unchanged at 2.0 per cent.
Across regional areas, Coffs Harbour rose 0.9 percentage points to 3.8 per cent, Central Coast increased 0.5 percentage points to 2.5 per cent and the Riverina rose 0.3 percentage points to 3.4 per cent. The Northern Rivers slipped 0.3 percentage points at 1.0 per cent.