Vacancy rates across Sydney’s popular inner and middle suburbs has tightened as first home buyers, unable to purchase properties, look to rental accommodation, according to data released by the Real
Estate Institute of New South Wales.
The October 2013 REINSW Vacancy Rate Survey saw availability across the Sydney metropolitan area steady at 1.7 per cent.
- Inner suburbs (0-10km from CBD) down 0.1 per cent at 1.7 per cent
- Middle suburbs (10-25km from CBD) fell 0.2 per cent at 1.6 per cent
- Outer suburbs (more than 25km from CBD) were up 0.2 per cent at 1.7 per cent
“First home buyers who can’t afford to buy their dream homes are putting substantial pressure on the rental market,” REINSW President Christian Payne said.
“Middle suburbs, including Auburn, Burwood, Hunters Hill, Parramatta and Ryde are some of the hardest place to find accommodation in Sydney.
“We haven’t seen vacancy rates in the middle suburbs this low in 18 months and this is yet another indicator of how the abolition of incentives on existing properties for first home buyers is causing issues across the marketplace,” Mr Payne said.
Looking outside Sydney, the Hunter fell 0.1 per cent at 2.9 per cent, despite Newcastle’s increase of 0.7 per cent to 2.4 per cent. The Illawarra remained steady at 2.0 per cent even though Wollongong’s vacancy rate rose 0.4 per cent to 2.3 per cent.
In regional areas, Albury is the hardest place to find rental accommodation after a decline 0.2 per cent at 1.8 per cent. Orana, which had previously held the title, jumped 0.6 per cent to 1.9 per cent.
Northern Rivers’ availability rose 0.2 per cent to 3.1 and New England was up 0.5 per cent to 2.9 per cent.
Meanwhile, the easiest place to find rental accommodation in the state was the Central West after a rise of 0.3 per cent to 4.1 per cent and South Eastern NSW added 0.5 per cent to 4.0 per cent. Coffs Harbour’s availability leapt 0.8 per cent to 3.8 per cent.