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The latest REINSW Vacancy Rate Survey demonstrates that vacancy rates are holding steady in the Sydney metro area, with availability falling marginally by just 0.1 of a percentage point to 2.4 per cent in May.
REINSW deputy president Peter Matthews said that the steady vacancy rate was good news for renters.
“We have seen a level of consistency for renters as we move into the cooler months,” Mr Matthews said.
“In Inner Sydney, vacancy rates are back on the upward trend with a rise of 0.2 of a percentage point to 2.4 per cent, while Outer Sydney fell by 0.1 of a percentage point to 2.4 per cent and Middle Sydney fell by 0.3 of a percentage point to 2.6 per cent.”
The survey shows that the trend continued outside of the metro area as well.
In the Hunter Region, vacancy rates fell by 0.1 of a percentage point to 1.6 per cent, with Newcastle dropping by 0.3 of a percentage point to 1.9 per cent. The Illawarra rose by 0.3 of a percentage point to 2.4 per cent and Wollongong fell by 0.2 of a percentage point to 2.1 per cent.
Across regional areas, New England and Northern Rivers remained steady at 1.9 per cent and 1.3 per cent, respectively, while Albury rose by 0.2 of a percentage point to 2.0 per cent and the South Coast lifted 0.5 of a percentage point to 3.5 per cent.
This data is in contrast to vacancy rates in Victoria which have fallen, according to data from REIV.
The rental vacancy rate is now at 1.7 per cent in regional Victoria, which is even tighter than Melbourne where an influx of new apartments has kept the rate steady at 2.0 per cent.
The availability outside of the capital is now approximately half that of five years ago, which has led to an increase in the value of median weekly rents that now sits at $315.
Over the last 12 months, median rents across regional Victoria for four-bedroom and two-bedroom houses have risen by a respective 4.2 per cent and 2.0 per cent.
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