new-south-wales-residential-vacancy-rate
REINSW CEO Tim McKibbin said, “the impact of the Omicron variant is being felt everywhere and the residential rental market is not immune”. Image – Canva.
  • Sydney's vacancy rate is 2.8%
  • Vacancy rates across regional NSW continues to remain low
  • While there have been some movements up and down, for the most part these have only been slight.

Residential rental vacancies have remained mostly stable across much of New South Wales, according to Real Estate Institute of NSW (REINSW) Vacancy Rate Survey results for December 2021.

REINSW CEO Tim McKibbin said while there have been some movements up and down, for the most part, these have only been slight.

“The impact of the Omicron variant is being felt everywhere and the residential rental market is not immune.”

REINSW CEO Tim McKibbin

“We certainly expected to see a lull in the market leading into the festive season, however REINSW members are reporting that this usual lull was exacerbated in December because people are hesitant about the future as Omicron continues to spread. As a result, many are delaying their plans to move, leaving the market in limbo.”

Residential vacancy rate percentage

Source: REINSW Vacancy Rate Survey results. December 2021.

“Decreasing by 0.2% for the month, the vacancy rate for Sydney overall is now 2.8%. This slight drop is attributable to fewer vacancies in Sydney’s Inner Ring, which now has a rate of 3.7%. Both the Middle and Outer rings remained stable at 2.9% and 1.8% respectively.”

Outside Sydney, vacancies increased by 0.1% in Newcastle to be 2.1%. Wollongong also increased by 0.1%, coming in at 0.8%.

Vacancy rates across regional NSW continue to remain low, recording only small movements.

The Central Coast, New England, Northern Rivers, Orana, and South Coast rates all experienced a slight uptick in the availability of rental accommodation in December 2021.

The Albury, Coffs Harbour, Mid-North Coast, and South Eastern areas saw decreases, while the Central West, Murrumbidgee, and Riverina areas remained stable.

You May Also Like

One in five first home buyers are taking over a year to buy their first home

Almost one in five first-home buyers are taking a year to secure their first property

What Is The Most Expensive House in Perth?

Despite higher average salaries in Perth thanks to the mining sector, many would be surprised to hear Perth remains the most affordable capital city in Australia

Australian offices continue to bounce back in latest Property Council report

The pandemic hullabaloo about offices seemed to be much ado about nothing following encouraging stats in the latest PCA Office Market Report

Top 20 suburbs where house prices are rising

Residential property is generally accepted to now be cooling, but some suburbs are still expecting prices to rise