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NSW rental markets influenced by festive season: REINSW

Latest data compiled by the Real Estate Institute of New South Wales (REINSW) shows that rental markets were greatly influenced by the festive season and summer holidays.

REINSW president John Cunningham said the institute’s January vacancy rate survey revealed that Sydney metropolitan market was up significantly whenever holidays was just around the corner.

“Inner Sydney and Outer Sydney saw an increase of 0.1 percent and 0.2 percent to 1.9 percent and 2.2 percent respectively, while Middle Sydney remained steady at 2.1 percent,” Cunningham said.

“Activity was limited before Australia Day with the desire to search for new rental accommodation low on the agenda during this busy time.

“We started to see a recovery in the market as the month progressed.”

The Hunter Valley rose 0.1 percent to 2.3 percent despite a fall of 0.4 percent in Newcastle at 2.0 percent.

In the Illawarra, vacancy rates increased 0.1 percent to 1.4 percent with Wollongong back up 0.6 percent at 2.1 percent.

Across regional areas, the Mid-North Coast rose 0.2 percent at 2.0 percent, Coffs Harbour saw an increase of 0.5 percent to 2.6 percent and Albury rose 0.7 percent to 4.0 percent.

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June Ramli

June Ramli was a in-house journalist for Elite Agent Magazine.