According to the January New South Wales Real Estate Institute (REINSW) vacancy rate report, vacant rental positions in the Sydney and New South Wales regions, such as Illawarra and Hunter, rose from one month to the next.
In January, the vacancy rate in Sydney was 3.7%, compared with 3.2% in December. Sydney's inner and outer Sydney neighborhoods posted slight growth from December, while Middle Sydney was down 0.9% from the previous month – down 4.2%.
In Parramatta, Auburn and Bankstown, the rise in vacancy rates is due to the development of new apartments, which has resulted in a market surplus. The owners have struggled to adapt by reducing rent, according to some real estate agencies in the region.
Real estate agencies in Sydney's inner ring, including Campsie, Gladesville and Artarmon, also reported a decline in this rate over this period.
Overall, the Hunter area has maintained its vacancy rate, but Newcastle experienced an increase from 0.6% to 2.5% in January.
"Agent reactions in Newcastle suggest that it is becoming increasingly difficult to find tenants, with a slower market and a surplus of properties to rent," said REINSW President Leanne Pilkington .
For its part, the Wollongong district of the Illawarra region recorded a significant increase in the number of vacancies in the rental sector, from 2.7% to 2.9%.
"The agents informed us that many developments were underway in the region – mainly for student housing – increasing Wollongong's vacancy rate," Pilkington said.
In addition, residents of the area began renting their apartments and extra rooms because of the demand for student housing.
NSW areas such as Central Coast (2.3%), North Coast (2.1%), Murrumbidgee (1%), New England (2.1%) and Riverina (3, 1%) recorded a slight increase in the vacancy rate, while the Central West (2.2%), Coffs Harbor (1.2%) and Southeast (1.3%) regions recorded the largest decreases, ranging from 0.5% to 0.7%.
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