Sydney inner-city vacancy rate falling
Sydney's inner city residential vacancy rates have fallen for the fourth month in a row, to 4.3 per cent in September. The rate was 5.1 per cent in June.
Sydney's overall vacancy rate has been steady at 4.4 per cent for the past three months after a high of 4.6 per cent in June.
In regional areas the vacancy rates generally rose slightly in September but most are below 3 per cent. The Hunter region had a vacancy rate of 1.7 per cent in September, down from 2 per cent the previous month. The central coast was one of the better performers, recording a rate of 5.2 per cent in September, down from 6.7 per cent in August.
Chris Fitzpatrick, REINSW president, said the Sydney vacancy rates look good for existing investor-owners. Sydney house prices have grown nearly 10 per cent a year for the past eight years, he said, and during this time annual rental growth for houses has increased 3.3 per cent and 6 per cent for units. This is much higher than the inflation rate.