After a slight drop last month, the REINSW Vacancy Rate Survey results for November 2021 show that residential rental vacancies in Sydney have once again increased.
"Increasing 0.2% for the month, the vacancy rate for Sydney overall is now 3.0%," REINSW CEO Tim McKibbin said. "Vacancies in Sydney's Inner Ring also increased to 4.4% (+0.5%), while the Middle Ring fell back to 2.9% (-0.2%) and the Outer Ring remained stable at 1.8%.
"Data from past years has shown us that it's the norm for vacancies to increase across Sydney heading into the Christmas and New Year break. However, the market has been far from 'the norm' since April last year, experiencing a rollercoaster ride of ups and downs as landlords and tenants alike have done their best to respond to unpredictable market conditions."
Outside Sydney, vacancies dropped in Wollongong to 0.7% (-0.3%), however the number of available properties rose in Newcastle to 2.0% (+0.2%).
Vacancy rates across much of regional New South Wales continue to remain low.
"Rates in the Central Coast, Central West, Coffs Harbour, New England, Northern Rivers and Orana areas all dropped in November 2021, while the Albury, Mid-North Coast, Murrumbidgee, Riverina, south Coast and South Eastern areas each experience a slight uptick in the availability of rental accommodation," Mr McKibbin said.
"High vaccination rates, easing restrictions, and state and international border openings will undoubtedly have an impact on the vacancy rates across New South Wales and we'll be watching the market with great interest as we head into the New Year."
The REINSW Residential Vacancy Rate Report is based on the proportion of unlet residential dwellings to the total rent roll of REINSW member agents on the 15th of each month. Carried out monthly, the research - a survey of REINSW member agents conducted by Survey Matters - collects the total properties on agency rent rolls, the number of properties that were vacant on the 15th of the month, and the postcode in which a majority of agents' rental properties are located. The suburb-level rates reported by agents are weighted based on ABS Census 2016 Dwelling Characteristics. The March 2021 report is based on survey responses covering 113,568 residential rental properties.
