Rental vacancies trending up in Sydney
Sydneysiders on the hunt for rental property in the harbour city will welcome recent figures that show rental vacancies are rising to record levels.
Real Estate Institute of New South Wales president Christian Payne said strong growth in the city's rental market had seen vacancy rates reach their highest level in six years.
He commented: "Again we are seeing strong growth in available rental accommodation, which is obviously good news for prospective tenants."
Vacancy rates in Sydney's middle suburbs jumped 0.7 per cent to three per cent in July, with outer suburbs increasing 0.8 per cent to 3.1 per cent.
While the figures are good news for Sydney renters looking for dwellings outside of the city, the same is not true for residents searching for rental properties closer to the CBD.
"The inner suburbs of Sydney are well behind, with a vacancy rate of 1.8 per cent - down 0.2 per cent from the previous month," Mr Payne explained.
The Wollongong rental market also improved, with vacancy rates bumping up 0.9 per cent to 3.4 per cent.
The market remained tight in Newcastle and on the Central Coast, with vacancy rates dropping to 1.4 per cent and 2.3 per cent respectively.