Residential vacancy rates have tightened across the Sydney market as new accommodation is snapped up across the city, according to data released by the Real Estate Institute of New South Wales.
REINSW President John Cunningham said the October 2016 REINSW Vacancy Rate Survey was at 1.7 per cent, down 0.2 per cent for Sydney.
“We have seen an increase in interest in Middle Sydney and the take up of newly completed apartments has seen vacancies fall 0.6 per cent at 1.5 per cent,” Mr Cunningham said.
“This is the lowest vacancy rate for Middle Sydney since August 2015. Meanwhile Outer Sydney remained steady at 1.8 per cent and Inner Sydney bucked the trend with a rise of 0.1 per cent at 1.9 per cent.”
In the Hunter, Newcastle saw an increase of 0.5 per cent at 2.4 per cent, despite this the overall vacancy rates across the region remained unchanged at 2.2 per cent.
In the Illawarra, vacancy rates made a 0.3 per cent correction to 1.6 per cent overall as well as for Wollongong, which also rose 0.3 per cent to 1.6 per cent.
Across regional areas, Albury leapt 1.0 per cent at 3.9 per cent, the Central Coast fell 0.8 per cent at 1.9 per cent and the Northern Rivers was down 0.2 per cent at 0.8 per cent, it’s lowest level since January 2016.