More and more rental housing remains unoccupied in Sydney, with vacancy rates rising to 4.3% in April, according to the latest report from the Real Estate Institute of New South Wales (REINSW).
The increase in April follows a slight increase in March. The Sydney Outer Ring region drove the overall rise, with its vacancy rate showing substantial growth of 3.2%.
"Comments from REINSW members indicate that demand remains strong for homes in the outer suburbs. However, unit rental is proving more difficult, with rent reductions generally needed to attract tenants, ”said Tim McKibbin, CEO of REINSW.
By contrast, vacancies in other parts of Sydney have declined. However, these regions still reported higher vacancy rates, at 4% for the Inner Ring region and 5.8% for the Middle Ring region.
While vacancies in Sydney have remained high, regional regions of New South Wales continue to exhibit historically low vacancy rates.
The Albury, Central Coast, Coffs Harbor, New England and South Coast areas all saw lower vacancy rates during the month. Only the Midwest, Mid North Coast, North Rivers, Orana, Riverina and Southeast regions saw an increase in rental housing.
Top suburbs:
Midland
,
artarmon
,
Newcastle
,
south of Brisbane
,
thebarton
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