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The May REINSW Residential Vacancy Rate Report reveals a 0.2 of a percentage point increase in vacancies across Sydney, from 3.2 per cent on 15 April to 3.4 per cent on 15 May.
Other key NSW reporting areas such as the Illawarra region saw a 0.5 of a percentage point increase in the vacancy rate to 3.1 per cent, while the Hunter region saw a minor increase of 0.1 of a percentage point after three months at 1.7 per cent.
REINSW CEO Tim McKibbin said with vacancy rates increasing, tenants will have more choice.
“More properties are becoming available, partly driven by additional stock coming to the market and new developments.”
The REINSW said that, overall, Sydney experienced a 3.4 per cent vacancy rate in May, compared with 3.2 per cent in April.
“Inner Sydney saw a minor decrease of 0.1 [of a percentage point], from 3.2 per cent in April to 3.1 per cent in May,” it said.
“Outer Sydney experienced an increase of 0.3 [of a percentage point] to 3.6 per cent, making it the highest vacancy rate across Sydney this month. Middle Sydney remained steady at 3.3 per cent for the second month in a row.”
The REINSW said that vacancy rates in the Hunter region remained steady.
“However, Newcastle saw a rise in vacancies of 0.3 [of a percentage point] to 1.7 per cent after a substantial fall of 0.7 [of a percentage point] between March and April. Vacancy rates in other areas in the region increased by 0.1 [of a percentage point] in April to 1.9 per cent this month.”
The Illawarra region experienced a 0.5 of a percentage point increase in rental vacancies, according to the REINSW, from 2.6 per cent in April to 3.1 per cent in May.
“Wollongong and other areas also saw sharp increases of 0.6 [of a percentage point] to 3.3 per cent and 0.8 [of a percentage point] to 2.9 per cent, respectively, between April and May.”
It said that despite some major changes in other regional NSW areas, 75 per cent of the rest of NSW remained steady.
“The Riverina saw the largest increase in vacancies, from 2.0 per cent in April to 3.0 per cent in May, while the South Eastern region saw a 2.1 per cent decrease to 0.9 [of a percentage point] due to seasonal fluctuations.”
The REINSW also said that for the year ending May 2019, Sydney saw a 1.0 per cent increase in vacancies, from 2.4 per cent to 3.4 per cent.
“The Illawarra region has increased by 0.7 [of a percentage point] to 3.1 per cent and the Hunter has remained steady with an increase of only 0.2 [of a percentage point] to 1.8 per cent.”
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