Sydney rental availability may hit crisis point
Sydney rental availability may hit crisis point
Posted on Wednesday, April 23 2014 at 11:38 AM
Vacancy rates across Sydney are verging on crisis levels, according to data released by the Real Estate Institute of New South Wales (REINSW).
The March
2014 REINSW Vacancy Rate Survey saw the numbers of properties for
rent across Sydney drop 0.3 per cent at 1.4 per cent.
“We haven’t seen vacancy rates right across Sydney this low since
November 2011,” REINSW president Malcolm Gunning said.
“Sydney is going backwards in regard to properties available for rent. Something
must be done to ensure that there is a greater level of choice for those
seeking to secure a rental property in Australia’s biggest city.
“Inner Sydney vacancy rates fell 0.2 per cent, the lowest across the
metropolitan area, to 1.3 per cent.
“Middle and outer suburbs declined 0.4 per cent and 0.1 per cent
respectively to 1.6 per cent and 1.5 per cent.
“We look with interest to the direction new premier Mike Baird will take
in regard to property. His support is essential to ensure that the best and
brightest remain in NSW.
“This can only happen if he identifies the inequities of the current
planning system as well as lack of affordable housing and incentives for first
home buyers.”
In other areas, Newcastle’s vacancy rate was 2.5 per cent, a rise of 0.1
per cent, and the Hunter overall was 3.1 per cent, down 0.1 per cent.
Wollongong’s availability was 2.3 per cent, up from 1.6 per cent, which
influenced the Illawarra’s vacancy rate of 2.1 per cent, up from 1.7 per cent.
Residential vacancy rates on the mid-north coast were the lowest outside
the Sydney metropolitan area at 1.4 per cent, down 0.3 per cent. The area with
the greatest availability was Coffs Harbour at 3.8 per cent, up 0.8 per cent.
Albury and Murrumbidgee were at 2.1 per cent, up 0.2 per cent and 0.1
per cent respectively, while New England and the Central West were at 3.5 per
cent up 0.3 per cent and down 0.5 per cent respectively.
Follow us on Twitter.
Was this article helpful? Place a link to it from your website, or share it using the button below.
Recent articles:
Sydney rental availability may hit crisis point
Further property price rises predicted
Small housing prices rocket in regional Victoria
WA rents rise strongest
Real estate leads business confidence upswing.
Melbourne set to become Australia’s largest city
Leave a comment
Comments
Article source: http://feedproxy.google.com/~r/API_Property_News/~3/VfmAlsIqi30/sydney-rental-availability-may-hit-crisis-point
Sydney rental availability may hit crisis point
Sydney rental availability may hit crisis point
Posted on Wednesday, April 23 2014 at 11:38 AM
Vacancy rates across Sydney are verging on crisis levels, according to data released by the Real Estate Institute of New South Wales (REINSW).
The March
2014 REINSW Vacancy Rate Survey saw the numbers of properties for
rent across Sydney drop 0.3 per cent at 1.4 per cent.
“We haven’t seen vacancy rates right across Sydney this low since
November 2011,” REINSW president Malcolm Gunning said.
“Sydney is going backwards in regard to properties available for rent. Something
must be done to ensure that there is a greater level of choice for those
seeking to secure a rental property in Australia’s biggest city.
“Inner Sydney vacancy rates fell 0.2 per cent, the lowest across the
metropolitan area, to 1.3 per cent.
“Middle and outer suburbs declined 0.4 per cent and 0.1 per cent
respectively to 1.6 per cent and 1.5 per cent.
“We look with interest to the direction new premier Mike Baird will take
in regard to property. His support is essential to ensure that the best and
brightest remain in NSW.
“This can only happen if he identifies the inequities of the current
planning system as well as lack of affordable housing and incentives for first
home buyers.”
In other areas, Newcastle’s vacancy rate was 2.5 per cent, a rise of 0.1
per cent, and the Hunter overall was 3.1 per cent, down 0.1 per cent.
Wollongong’s availability was 2.3 per cent, up from 1.6 per cent, which
influenced the Illawarra’s vacancy rate of 2.1 per cent, up from 1.7 per cent.
Residential vacancy rates on the mid-north coast were the lowest outside
the Sydney metropolitan area at 1.4 per cent, down 0.3 per cent. The area with
the greatest availability was Coffs Harbour at 3.8 per cent, up 0.8 per cent.
Albury and Murrumbidgee were at 2.1 per cent, up 0.2 per cent and 0.1
per cent respectively, while New England and the Central West were at 3.5 per
cent up 0.3 per cent and down 0.5 per cent respectively.
Follow us on Twitter.
Was this article helpful? Place a link to it from your website, or share it using the button below.
Recent articles:
Sydney rental availability may hit crisis point
Further property price rises predicted
Small housing prices rocket in regional Victoria
WA rents rise strongest
Real estate leads business confidence upswing.
Melbourne set to become Australia’s largest city
Leave a comment
Comments
Article source: http://feedproxy.google.com/~r/API_Property_News/~3/VfmAlsIqi30/sydney-rental-availability-may-hit-crisis-point