Vacancy rates in the core metropolitan Sydney area saw a rise of 0.2 of a percentage point up to 3 per cent, the August 2018 edition of the REINSW Vacancy Rate Survey detailed.
Leanne Pilkington, president of the REINSW, also said that the survey showed vacancy rates in the middle Sydney and the outer Sydney regions both rose to 3.1 per cent from rises of 2 per cent and 4 per cent, respectively. The inner Sydney region also saw a rise in its vacancy rate of 2 per cent up to 2.9 per cent.
“We have seen a steady and relatively consistent rise in vacancy rates across Sydney as a string of developments reach completion, creating an oversupply in the marketplace,” Ms Pilkington said.
“As a result, rents are falling and properties are staying longer on the market than usual.”
Looking to regional New South Wales, the Hunter region saw vacancy rates rise by 0.1 of a percentage pointto 2.1 per cent, even though the area includes the large regional city of Newcastle, which saw vacancy rates decline by 0.1 of a percentage point.