The availability of residential rental accommodation across Sydney increased slightly in December 2013, according to data released by the Real Estate Institute of New South Wales.
The December 2013 REINSW Vacancy Rate Survey saw the number of properties for rent rise 0.2 per cent to 1.8 per cent.
“This largely seasonal rise was led by the outer* suburbs which saw an increase of 0.3 per cent to 1.6 per cent,” REINSW President Malcolm Gunning said.
Availability in the inner* suburbs rose by 0.2 per cent to 1.8 per cent and the middle* suburbs saw an increase of 0.1 per cent to 1.9 per cent.
“We have a long way to go in regard to the major supply issues facing Sydney. We expect to see vacancy rates take a downward turn when January figures are released next month.
“In 2014 REINSW will continue to lobby the NSW Government to ensure that changes are made to help encourage more investment in the property market,” Mr Gunning said.
Looking outside of Sydney, the vacancy rate in the Hunter region rose 0.3 per cent to 3.5 per cent.
“Newcastle continued its recent rise with an increase of 0.2 per cent to 3.1 per cent.”
The Illawarra region and its major city Wollongong both saw declines of 0.1 per cent, to 2.1 per cent and 1.7 per cent respectively.
In regional areas, the Mid-North Coast saw vacancy rates fall from 2.8 per cent to 1.7 per cent and Murrumbidgee declined 0.5 per cent to 2.0 per cent.
The Northern Rivers and Coffs Harbour both fell 0.1 per cent to 2.3 per cent and 3.4 per cent respectively, while Albury rose 0.3 per cent to 2.3 per cent and the Central Coast rose 0.6 per cent to 2.4 per cent.
Orana had the lowest vacancy rate in NSW at 1.6 per cent from 2.4 per cent in November 2013 and South Eastern NSW had the most properties available at 4.2 per cent up from 4.0 per cent.
* 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.