Pressure remains on Sydney res vacancy rate, REINSW

Pressure remains on the Sydney residential rental market and Wollongong, Albury and the Northern Rivers have seen large falls in available properties, according to data released by the Real Estate Institute of New South Wales.

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 said.

“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.

“It is important for new Premier Mike Baird to take a holistic approach to the housing issues facing the state. It is not isolated to Sydney,” Mr Gunning said.

“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.

Download the report here.

* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.

‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.

‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.

‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.

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