Sydney's rental market appears to be slowing as the vacancy rate begins to rise again, according to the Real Estate Institute of New South Wales.
Overall vacancies in Sydney rose to 4% in March, significantly higher than the 0.9% rate recorded in February.
"This increase brings Sydney vacations to their highest level since October 2020. Many REINSW members report that the residential rental market has slowed again in Sydney," said Tim McKibbin, CEO of REINSW.
Job vacancies in the Sydney regions increased, with the Middle Ring region peaking at 5.8%, followed by the inner ring 4.5% and 2 , 5% of the outer ring.
"Property managers tell us there are fewer properties coming onto the market and those taking longer to rent. Older properties that need updating are problematic , as tenants are increasingly aware of where they choose to live, "McKibbin said.
Outside of Sydney, vacancy rates fell considerably in Newcastle and Wollongong, falling to 0.7% and 1.6% respectively.
Data from REINSW also showed that rental conditions in the rest of the NSW area remained "extremely strict".
"Rates in the Midwest, Mid North Coast, North Rivers, Orana, Riverina, and Southeast regions all declined in March," McKibbin said.
Top suburbs:
melton
,
Scarborough
,
artarmon
,
stafford hts
,
Mortdale
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