Sydney's vacancy rate indicated positivity for areas hardest hit by the COVID-19 pandemic, according to the Real Estate Institute of New South Wales (REINSW).
According to data from REINSW, vacancy rates in Sydney's inner suburbs fell month-to-month in May to stand at 3. 3%. They also fell in the suburbs of the Middle (4.6%) and the Greater Crown (2.5%), decreasing respectively by 1.2% and 0.7%.
Overall, vacancies in Sydney decreased in May and now stand at 3.3%, down 1.0% from April 2021.
Tim McKibbin, CEO of REINSW, said the numbers suggest greater confidence in the economy and the job market.
"Although it is still very early days, this is a positive sign, especially for the Inner Ring which has performed poorly in the past 12 months without international students and without tourism to increase vacancy rates, ”McKibbin said. “There could be a number of reasons for this, such as attractive rents, more and more people are slowly returning to the CBD for work or the influx of expats renting out properties while looking to buy. This is good news for those who own investment property and an improvement from the record 5.8% vacancy rate recorded in June and October of last year. "
Outside of Sydney, data from REINSW revealed that the rental markets in Newcastle and Wollongong remained stable in May. Overall vacancy rates in the Illawarra region edged down to 0.9% – the lowest level on record in the region since April 2016.
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