Why hot weather means fewer rentals are available
THE rate of rental vacancies on the Northern Rivers has fluctuated significantly this year, according to the Real Estate Institute of New South Wales.
The latest Vacancy Rate Survey for NSW pointed to a 1.6 per cent rental vacancy rate for the Northern Rivers in September 2019.
REINSW CEO Tim McKibbin confirmed the area's vacancy rate for rentals has fluctuated this year.
"The lowest rate we've seen was in February and March at 1.1 per cent," he said.
"The highest rate was in May when vacancies jumped to 2 per cent.
"They dipped in June, only to rebound again in July and August.
Mr McKibbin said that despite the fluctuation, this rate is normal for September.
"We often see vacancies dip in the warmer months and this seems to be a trend playing out in the Northern Rivers region."
In the meantime, rental vacancies in Sydney and other parts of NSW have dropped to their lowest rate this year, with Sydney down 0.7 per cent on September to 2.9 per cent.
It was a trend mirrored in the Hunter, which is experiencing its lowest vacancy rates in years at just 1 per cent.
The Illawarra followed suit with a drop of 0.1 per cent to 2.2 per cent, but Wollongong continues to buck the trend, with rental vacancies up by 0.4 per cent at 2.8 per cent.
"We do typically see vacancies decrease in the warmer months, so we can expect rates to remain low across New South Wales into the new year," Mr McKibbin said.