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Residential Vacancies in Sydney Still ‘Tight’

By Louise Morrin

Vacancy rates for residential properties "continue to be tight," according to the Real Estate Institute of New South Wales (REINSW) in a February 14 release.

This news comes despite a "slight rise in availability" of the number of properties for rent in Sydney.

However, the city is still gunning ahead of much of NSW when it comes to vacancy rates and its figures are relatively low, which will please landlords with real estate in St George looking to obtain a comfortable rental yield.

Tight vacancy rates in January

Sydney's overall vacancy rate was 1.9 per cent in January, up just 0.1 per cent from the previous month, but down from the 2 per cent vacancy rate in August.

The lowest vacancy rate in NSW (1.7 per cent) was seen in Sydney's outer ring, while a few areas outside of Sydney crept in with vacancy rates of 1.8 per cent. However, it is clear that rental uptake in the capital is strong.

Lower rates in Sydney compared to many other areas in NSW may reflect the desire for people to rent given the increase in house prices, which is favourable news for investors.

The highest vacancy rate in NSW was 4.6 per cent, felt in South Eastern. Coffs Harbour, New England and Riverina also had many more vacant properties than Sydney.

Get in touch with Ray White Carlton if you're looking to buy investment property in St George.

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