According to a report recently released by the New South Wales Real Estate Institute (REINSW), vacancy rates for rental housing throughout much of New South Wales have increased in January.
Sydney's vacancy rate rose 0.5% from 3.2% in December to 3.7% in January. Sydney's inner and outer Sydney neighborhoods posted modest increases, while vacancies in Middle Sydney declined 0.9% to 4.2%.
Sydney Central Ring, which includes Parramatta, Auburn and Bankstown, also reports an increase in the vacancy rate. This was motivated by new developments in apartments, which led to a market surplus. The data showed that homeowners have a hard time adapting by reducing their rent.
Campsie, Gladesville and Artarmon, for their part, recorded a drop in vacancy rates, according to real estate agencies in Sydney's inner ring.
The Hunter region also resisted the trend, recording relatively stable vacancy rates over the period. Newcastle rose from 0.6% to 2.5%.
"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 .
With regard to the Illawarra area, REINSW has seen a substantial increase in the number of vacant dwellings in Wollongong 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," said Leanne. "The demand for student housing has also led established residents of the area to rent their apartments and rooms, which is also a contributing factor," Pilkington said.
The report revealed that the rest of New South Wales had recorded slight increases in five key regions: the central coast (2.3%), the north central coast (2.1%), Murrumbidgee ( 1.0%), New England (2.1%) and Riverina. (3.1%).
Central West (2.2% vacancy rate), Coffs Harbor (1.2%) and Southeast (1.3%) regions showed signs of life, recording declines vacancy rates ranging from 0.5% to 0.7%.
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