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REINSW’s July Residential Vacancy Rate Report has revealed almost no change in vacancy rates in Sydney, which was mirrored by the Illawarra and Hunter regions. However, some pockets of the state have recorded noteworthy variations in their vacancies.
Sydney region
The overall Sydney region saw a 0.1 of a percentage point increase in July compared to its June result, recording a 3.5 per cent vacancy rate.
That result was largely driven, however, by Middle Sydney, increasing by 0.7 of a percentage point to 4.1 per cent vacancy rate, with Inner and Outer Sydney both recording decreases from their June results.
The four suburbs that were singled out for having big jumps in the vacancy rate were:
- Banksia
- Ashbury
- Dundas
- North Turramurra
For the year ended July, Sydney overall has seen a 0.7 of a percentage point increase in vacancies, from 2.7 per cent to 3.5 per cent, with Middle Sydney recording the biggest change with a 1.2 per cent increase in vacancies since July 2018.
Inner Sydney has seen a 0.3 of a percentage point increase since July 2018, while Outer Sydney has increased by 0.7 of a percentage point for the year.
Hunter region
The Hunter region remained steady with a 1.7 per cent vacancy rate over June and July, while vacancy rates in other areas in the region increased from 1.6 per cent to 1.8 per cent in July.
Newcastle recorded a minor decrease in vacancies in July, from 1.8 per cent to 1.6 per cent.
For the year ended July 2019, the Hunter region as a whole remained even at 1.7 per cent; however, Newcastle recorded a 0.6 of a percentage point decrease in vacancies.
Other regions recorded a 0.5 of a percentage point increase in the year ended July 2019.
Illawarra region
Rental vacancies in the Illawarra region experienced a 0.1 of a percentage point decrease, from 2.3 per cent in June to 2.2 per cent in July, while Wollongong recorded “significant decreases” between June and July, dropping by 0.5 of a percentage point to 1.6 per cent.
Vacancy rates in other areas rose significantly by 0.7 of a percentage point from June’s rate of 2.6 per cent to 3.3 per cent in July.
For the 12 months from last July, the Illawarra region experienced a 2 per cent increase in vacancies overall, although Wollongong recorded a 0.4 of a percentage point drop.
Other regions of the Illawarra were the reason for the increase, with such areas experiencing a 1.4 per cent increase in that time frame.
Other points of interest
South Eastern NSW experienced an interesting jump from its June figures, almost tripling in its vacancy rate from 1.2 per cent to 3.4 per cent, which the report says was due to “seasonal variations”.
However, in July 2018, that figure was just 0.3 of a percentage point, a yearly increase of over 1,100 per cent (to a 3.4 per cent vacancy rate).
The South Eastern region recorded the second highest vacancy rate, behind only Middle Sydney and equal with Outer Sydney.
Overall, the July REINSW Residential Vacancy Rate Report showed very little change in the wider Sydney area as well as the Hunter and Illawarra regions.
“As you can see, the market is now stabilising,” commented REINSW CEO Tim McKibbin.
“It will be interesting to watch what happens over the coming months.”
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