Residential vacancy rates have tightened across the Sydney market led by Middle Sydney, according to data released by the Real Estate Institute of New South Wales.
REINSW Deputy President Brett Hunter said the August 2016 REINSW Vacancy Rate Survey saw Sydney with an overall vacancy rate of 1.8 per cent, down 0.1 per cent.
“Middle Sydney saw a decline of 0.3 per cent at 1.6 per cent,” Mr Hunter said.
“Inner Sydney remained steady at 1.9 per cent, and Outer Sydney was down 0.2 per cent at 1.7 per cent.”
In the Hunter region, vacancy rates rose 0.3 per cent to 2.7, led by a rise of 0.6 per cent to 3.0 per cent in Newcastle.
In the Illawarra region, vacancy rates fell 0.3 per cent at 1.6 per cent, with Wollongong down 0.5 per cent at 1.1 per cent.
Across regional areas, New England fell 0.8 per cent at 3.9 per cent, Murrumbidgee dropped 0.1 per cent at 1.5 per cent and Albury was down 0.6 per cent at 3.1 per cent.
Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.
‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.
In Melbourne, prominent property marketer Jeff Grochowski, from Accrue Real Estate, said today,
"Melbourne's population continues to grow as immigration boosts numbers along with those who are looking for employment opportunities in the CBD"
"Interestingly, vacancy rates for rental properties are lower for investors who purchase property valued at less than the median house price. That is because there are more people looking for affordable accommodation than those looking to rent luxury homes. There is a lesson there for investors."