Miserable outlook for Sydney tenants |
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Written by REINSW Press Release
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Wednesday, 17 October 2007 |
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Christmas is coming, but it is not going to be very festive for people seeking rental accommodation in Sydney according to Cristine Castle, President of the Real Estate Institute of New South Wales (REINSW).
The September survey results, just released by REINSW, show that vacancy rates in all areas within the city’s boundaries have fallen again, after showing a small increase in availability last month. Vacancy rates in the inner city are now 1.2%, down from 1.5% in August, while in areas within 10 to 25 kilometres of the CBD they have declined to 1.2%, against 1.4% in August. In outer city, areas 25 kilometres and more from the CBD, the situation is even worse, reaching a low of 1.1%.
“This is normally the high season for people who want to change their accommodation,” Mrs Castle said. “With the end of school coming up it is only going to get worse. I cannot imagine how university students will fare once they start to look for somewhere to live in the new year.”
Mrs Castle said that while REINSW welcomed the announcement by the NSW State Government that it would cut infrastructure levies on new housing developments, it will take time for this to flow through to the housing market and make any difference to the current rental crisis.
“The problem is, Sydney needs more rental accommodation and it needs it now,” she said.
Residential vacancy rates in NSW:
| |
September
2007 |
August
2007 |
July
2007 |
June
2007 |
May
2007 |
| SYDNEY |
1.2% |
1.5% |
1.4% |
1.5% |
1.3% |
| Inner (0-10km from CBD) |
1.2 |
1.5 |
1.4 |
1.7 |
1.3 |
| Middle (10-25km) |
1.2 |
1.4 |
1.4 |
1.4 |
1.2 |
| Outer (>25km) |
1.1 |
1.7 |
1.5 |
1.3 |
1.4 |
| |
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| HUNTER |
1.6 |
1.8 |
1.9 |
1.7 |
2.1 |
| Newcastle |
1.4 |
1.6 |
1.8 |
1.6 |
2.1 |
| Other |
1.9 |
2.3 |
2.0 |
1.8 |
2.1 |
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| ILLAWARRA |
2.2 |
3.1 |
3.0 |
2.9 |
2.7 |
| Wollongong |
2.1 |
3.6 |
3.2 |
2.7 |
2.5 |
| Other |
2.2 |
2.4 |
2.8 |
3.6 |
3.7 |
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| Central Coast |
2.4 |
3.2 |
4.6 |
3.5 |
2.6 |
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| Albury |
2.8 |
2.5 |
2.8 |
3.2 |
3.3 |
| Central West |
4.4 |
5.1 |
4.0 |
5.0 |
4.8 |
| Coffs Harbour |
3.4 |
3.0 |
2.4 |
3.7 |
5.9 |
| Mid-North Coast |
2.8 |
2.9 |
4.0 |
3.6 |
3.9 |
| New England |
2.4 |
2.6 |
3.5 |
2.8 |
2.9 |
| Northern Rivers |
1.6 |
1.8 |
2.6 |
1.8 |
1.9 |
| Orana |
2.2 |
1.5 |
1.4 |
1.7 |
2.3 |
| Riverina |
3.1 |
2.2 |
6.2 |
3.9 |
3.4 |
| South Coast |
4.8 |
5.2 |
4.8 |
4.8 |
4.5 |
| South Eastern |
1.4 |
0.8 |
2.0 |
1.3 |
1.2 |
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