Sydney residential vacancy rate at 1.7 per cent
Sydney residential vacancy rate at 1.7 per cent
Posted on Tuesday, May 13 2014 at 10:39 AM
Pressure remains on the Sydney residential rental market and Wollongong, Albury and the Northern Rivers have seen large falls in available properties, according to new data released by the Real Estate Institute of New South Wales (REINSW).
The April
2014 REINSW Vacancy Rate Survey saw the number of properties for rent
across Sydney rise 0.3 per cent to 1.7 per cent.
“Inner Sydney vacancy rates remain the tightest,
despite an increase of 0.3 per cent to 1.6 per cent. In middle Sydney
availability rose 0.4 per cent at 2.0 per cent and outer Sydney was up 0.2 per
cent at 1.7 per cent,” REINSW president Malcolm Gunning says.
“Wollongong vacancy rates have hit lows last
seen almost three years ago, with a decline of 0.8 per cent to 1.5 per cent.
Across the Illawarra region vacancy rates are at 1.6 per cent, down 0.5 per
cent.
“Wollongong is an attractive proposition for
those who wish to relocate from Sydney. Its beachside location is a more
affordable option for those who are seeking a more relaxed lifestyle and this
is putting pressure on the number of properties available.”
Vacancy rates tumbled 0.5 per cent in both
Albury and the Northern Rivers at 1.6 per cent and 1.5 per cent respectively.
They represent the two lowest vacancy rates in the state.
Newcastle’s vacancy rate was up 0.5 per cent to
3.0 per cent, however across the Hunter region vacancy rates were down 0.1 per
cent to 3.0 per cent.
The South Coast fell 0.3 per cent to 2.2 per
cent and New England was down 0.1 per cent to 3.4 per cent.
The Central West has the most rental
accommodation available at 4.9 per cent, a rise of 1.4 per cent, while Coffs
Harbour was up 0.2 per cent to 4.0 per cent.
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