Residential vacancy rates in Sydney are on the rise as the onset of cooler weather slows the market, according to the Real Estate Institute of New South Wales.
The May 2017 REINSW Vacancy Rate Survey showed the Sydney metropolitan market rose from 0.1 per cent to 1.8 per cent.
REINSW president John Cunningham said the market has begun side with renters “a little bit” as more stock is available and winter sets in.
This is especially being felt in inner Sydney which has seen a rise of 0.4 per cent to 1.9 per cent, and middle Sydney which also jumps from 0.4 per cent to 1.6 per cent.
Outer Sydney bucks the trend with a fall of 0.4 per cent to 1.8 per cent.
“However, vacancy rates of less than 2.0 per cent show the market is still in stress,” Mr Cunningham said.
In the Illawarra, vacancy rates rose from 0.4 per cent to 1.8 per cent. The spike is attributed to areas outside of Wollongong, which has recorded an increase from 0.8 per cent to 2.3 per cent, while Wollongong itself slipped from 0.1 per cent to 1.2 per cent.
The Hunter fell from 0.2 per cent to 2.1 per cent and Newcastle dropped from 0.1 per cent to 2.2 per cent.
Across regional areas, the South Coast rose from 0.5 per cent to 1.7 per cent, Northern Rivers added from 0.6 per cent to 1.7 per cent and Coffs Harbour rose from 0.3 per cent to 4.1 per cent.
The Riverina fell from 0.7 per cent to 2.7 per cent, and Albury was down 0.2 per cent to 2.8 per cent.