The Sydney residential rental market has contracted for a third consecutive month, according to data released by the Real Estate Institute of New South Wales.
The April 2013 REINSW Vacancy Rate Survey saw the Sydney metropolitan area at 1.7 per cent, a decline of 0.1 per cent in availability from March.
- Inner suburbs (0-10km from CBD) down 0.1 per cent at 1.6 per cent
- Middle suburbs (10-25km from CBD) down 0.1 per cent at 1.9 per cent
- Outer suburbs (more than 25km from CBD) down 0.1 per cent at 1.7 per cent
“Sydney residential vacancies hit levels last seen 12 months ago in April and May 2012,” REINSW President Christian Payne said.
“It is time for the NSW government to recognise the supply issues caused by a lack of incentives to invest in the property market.
“The decision by the RBA to cut interest rates must be supported by appropriate incentives to invest in the property market, including cuts to transfer stamp duty rates in the state budget on 18 June 2013,” Mr Payne said.
Looking across the state, the Illawarra contracted 0.4 per cent to 1.8 per cent, led by a decline of 0.4 per cent in Wollongong at 1.9 per cent. The Central Coast saw a fall of 0.5 per cent at 1.9 per cent and the Northern Rivers region dropped 0.6 per cent at 2.1 per cent.
Orana, which includes the major centres of Dubbo, Cobar and Mudgee, was the most difficult place to find rental accommodation for a fourth month in a row. A decline of 0.2 per cent saw it with a vacancy rate of 1.4 per cent.
Coffs Harbour was again the easiest place to find rental accommodation despite a decline of 0.2 per cent to 4.1 per cent.
The Hunter region saw an increase of 0.2 per cent to 2.6 per cent, despite a fall of 0.2 per cent in Newcastle to 1.9 per cent.
The Mid North Coast’s vacancy rate jumped 0.7 per cent to 3.0 per cent and Albury rose 0.5 per cent to 2.2 per cent.