sydney-harbour-overhead-view-arrow-down-feature
Image: Canva.
  • Overall Sydney vacancy rate is 3.0%, down 0.1%
  • Inner city Sydney recorded a rise instead, now 3.9%
  • The regions continue to record very low vacancy rates

The Real Estate Insitute of New South Wales’ (REINSW) Vacancy Rate Survey results for the month of October showed vacancy rates have dropped again. Rates decreased 0.1% for the month, with the vacancy rate for Sydney (overall) now sitting at 3.0%.

“Vacancies in Sydney’s Middle and Outer Rings also decreased to 3.1% (-0.8%) and 1.8% (-0.4%) respectively,” REINSW CEO Tim McKibbin said.

Vacancies in the inner ring increased by 0.2% to 3.9%.

“This is the highest the vacancy rate has been since June 2021,” said Mr McKibbin.

“Many members are reporting that the residential rental market in the inner-city suburbs is suffering due to the lack of international students.”

tim mckibbin
Tim McKibbin. Image – Supplied.

It seems an interesting contrast that while the heart of Sydney saw its highest vacancy rate since June 2021, the regions saw vacancy rates drop significantly.

Wollongong dropped 1% to 1%, and the number of available properties rose in Newcastle to 1.8% – a 0.3% increase.

Vacancy Rate Surveys – October 

Sydney Oct-21 Sep-21
Inner 3.9% 3.7%
Middle 3.1% 3.9%
Outer 1.8% 2.2%
Sydney total 3.0% 3.1%
Hunter
Newcastle 1.8% 1.5%
Other 0.6% 0.9%
Hunter total 0.9% 1.0%
Illawarra
Wollongong 1.0% 2.0%
Other 1.5% 1.8%
Illawarra total 1.3% 1.9%
Albury 0.5% 0.6%
Central Coast 1.5% 1.4%
Central West 0.6% 0.4%
Coffs Harbour 1.2% 1.2%
Mid-north Coast 0.6% 0.4%
Murrumbidgee 0.2% 0.3%
New England 1.0% 1.3%
Northern Rivers 0.9% 0.8%
Orana 2.0% 1.3%
Riverinna 0.5% 0.7%
South Coast 0.2% 0.4%
South Eastern* 0.9% 1.3%

*Fluctuations due to seasonal variations.

Albury, Murrumbidgee, New England, Riverina, South Coast and South Eastern areas all saw their vacancy rates decline in September.

“Coffs Harbour remained stable for the month, while the Central Coast, Central West, Mid-North Coast and Northern Rivers areas each experienced a slight uptick in the availability of rental accommodation,” added Mr McKibbin.

“The Orana area was a standout. Made up of major localities such as Dubbo, Cobar and Mudgee, the vacancy rate increased by 0.7% for the month to be 2.0% – the highest vacancy rate for any regional area.”



You May Also Like

Australian building costs have continued to soar, but has your insurance cover kept pace?

MCG Quantity Surveyors analysis found underinsurance could cost homeowners over $100K to replace a property, with the issue even more profound in the commercial property sector.

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.