Latest vacancy rates provide no relief |
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Written by REINSW Press Release
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Tuesday, 03 April 2007 |
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Residential vacancy rates released by REINSW show no easing of Sydney's tight rental market, with availability falling again in March to a record low of only 1.2 percent overall.
In other urban areas of NSW, the results were mixed with availability improving slightly in Newcastle where the vacancy rate rose to 2.1 percent compared to 1.8 percent the previous month, but declining further in Wollongong where it dropped to 2.1 percent compared to 2.6 percent in February.
“The inner city seriously has the ‘no vacancy’ sign up,” says REINSW Vice President Steve Martin. “Tenants are too scared to move because finding something else would be too hard.
“It shouldn’t be like this, but we saw this situation beginning to evolve 18 months ago when Sydney’s vacancy rates started coming off a peak of four percent as investment properties began being sold and were not bought by other investors,” says Mr Martin.
“Finding accommodation must not be so hard. We need incentives for people to come back into the market so that there are properties for people to rent. The Iemma Government must treat this matter with urgency by encouraging investors to provide this vital accommodation for tenants.”
Residential vacancy rates in NSW:
| |
March
2007 |
February
2007 |
January
2007 |
December
2006 |
| SYDNEY |
1.2% |
1.4% |
1.6% |
1.5% |
| Inner (0-10km from CBD) |
1.1 |
1.3 |
1.6 |
1.4 |
| Middle (10-25km) |
1.2 |
1.3 |
1.6 |
1.6 |
| Outer (>25km) |
1.6 |
1.5 |
1.6 |
1.6 |
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| HUNTER |
2.0 |
1.5 |
2.2 |
2.2 |
| Newcastle |
2.1 |
1.8 |
2.7 |
2.4 |
| Other |
1.9 |
1.2 |
1.6 |
1.9 |
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| ILLAWARRA |
2.4 |
2.8 |
3.1 |
3.5 |
| Wollongong |
2.1 |
2.6 |
2.9 |
3.7 |
| Other |
3.6 |
3.6 |
3.4 |
3.0 |
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| Central Coast |
2.7 |
2.6 |
2.2 |
3.9 |
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| Albury |
2.4 |
2.2 |
1.8 |
2.3 |
| Central West |
5.2 |
6.1 |
3.7 |
3.5 |
| Coffs Harbour |
3.5 |
3.6 |
3.3 |
3.7 |
| Mid-North Coast |
3.4 |
2.8 |
3.3 |
3.6 |
| New England |
3.5 |
3.0 |
3.0 |
3.9 |
| Northern Rivers |
1.7 |
2.0 |
2.1 |
2.7 |
| Orana |
1.6 |
2.9 |
1.7 |
2.2 |
| Riverina |
4.4 |
3.6 |
4.4 |
4.7 |
| South Coast |
3.8 |
3.0 |
3.4 |
3.3 |
| South Eastern |
1.4 |
1.8 |
1.6 |
1.1 |
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