Vacancy rates remain tight
Vacancy rates remain tight
Posted on Friday, October 18 2013 at 4:08 PM
Vacancy rates across Australia have remained ‘historically tight’, according to data released by the Housing Industry Association (HIA).
The discussion
paper found vacancy rates were likely being impacted by restricted
financing which had delayed home ownership for many households. This has also contributed
to stronger rental price inflation, according to the HIA.
The results released by the HIA showed vacancy rates came under
particular pressure through 2007, with an upsurge in rental inflation
following.
The advent of the GFC saw a loosening of capacity in the rental market,
but vacancies began to tighten again in late 2009.
The current data indicated the number of vacancies has been drifting
upwards, although remained largely steady.
Additional data
released by the Real Estate Institute of New South Wales
(REINSW) revealed a similar prognosis for the Sydney market.
Vacancy rates
tightened in Sydney for the second month in a row, according to the REINSW with
vacancies across the city dropping by 0.3 per cent to 1.7 per cent.
The popular inner
city suburbs were leading the decline, according to REINSW deputy president
Malcolm Gunning.
“September is a busy time for the rental market and
unfortunately it is no surprise that people are finding it more difficult to
find accommodation,” Gunning says.
The results from the September REINSW Vacancy Rate Survey showed the
middle suburbs (within 10 to 25 kilometres of the CBD) remained steady at 1.8
per cent and outer suburbs (more than 25 kilometres from the CBD) fell to 1.5
per cent.
The central
west was the easiest place to find rental accommodation after an increase of
0.3 per cent to 3.8 per cent, while Coffs Harbour, which has been the easiest
location to find rental accommodation for almost two years, dropped 0.6 per
cent to three per cent.
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