The REINSW Vacancy Rate survey results for March 2022 show that residential vacancies in Sydney remain steady.
“After dropping for four consecutive months, the vacancy rate for Sydney overall rose slightly by 0.1% last month to be 2.2%,” REINSW CEO Tim McKibbin said. “Both the Middle and Outer Rings saw increases to be 2.7% (+0.3%) and 1.7% (+1.2%) respectively. Vacancies in the Inner Ring decreased by 0.2% to be 2.6%.”
Outside Sydney, finding a home to rent continues to present a challenge for tenants.
“In Newcastle, vacancies fell by 0.4% to be 1.9% and the Hunter region overall dropped to 1.0% (-0.2%),” Mr McKibbin said. “And while the rate for Wollongong rose by 0.3% to 0.7% for the month, a sharp decrease in vacancies across the rest of the region saw the Illawarra record a result of just 0.6%, which is down from 1.1% in February.”
Vacancy rates across the rest of regional New South Wales remain low.
“Rates for the Central Coast, Mid-North Coast, Murrumbidgee, Northern Rivers and South Coast areas all rose,” Mr McKibbin said. “The Albury, Central West, Coffs Harbour, New England, Riverina and South East areas all recorded drops.
“As has been the case for much of the last two years, sourcing rental stock continues to be an issue across all areas of New South Wales.
“With the cost-of-living continuing to rise, our member agents are telling us about Mum and Dad investors who are selling their hard-earned investment properties just to pay their bills each month. With so little stock on the market, these properties are being snapped up by home buyers. The flow-on impact is the removal of these properties from the residential rental market.”
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To view the March Survey Results Click Here.
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About REINSW
The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offer training and ongoing professional development. For more information, visit reinsw.com.au.