Sydney Rental Property Availability Could Hit Crisis Point

Vacancy rates across Sydney are verging on crisis levels, according to data released by the Real Estate Institute of New South Wales.

The March 2014 REINSW Vacancy Rate Survey saw the number 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,” Mr Gunning said.

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.

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