Wagga Wagga real estate agent Chris Fitzpatrick took out the prestigious Woodrow Weight Award for outstanding contribution to real estate agency practice in the 2007 Real Estate Institute of New South Wales’ (REINSW) annual awards, presented at a gala function in Sydney on Saturday, 20 October.

Real estate agents from all corners of NSW gathered at Sydney's Convention and Exhibition Centre on Saturday night to recognise the achievements of their peers.

Welcoming guests to the Real Estate Institute of New South Wales’ 10th Annual Awards for Excellence, REINSW President Cristine Castle said the event is a celebration of professionalism which recognises the star performers, both teams and individuals, that are key players in the State’s multi-billion dollar residential and commercial property market.

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).

For the 12th month in a row, the residential property vacancy rate in Sydney has remained at below 2% - the benchmark figure that indicates whether or not there is a rental crisis.

Home-owners are sitting tight, resulting in a sharp decline in property turnover, according to second quarter 2007 data just released by Real Estate Institute of New South Wales.

The number of vacant rental properties in Sydney's outer suburbs eased slightly in July to 1.5%, but supply in the inner city and suburbs within 25km of the CBD remained tight at 1.4%, according to data just released by the Real Estate Institute of New South Wales.

Outstanding professionalism and creative thinking were among the attributes sought by the judges selecting the finalists in this year’s REINSW Awards for Excellence.

Last month's floods in the Hunter Valley have had a significant impact on the availability of rental property in Newcastle and surrounding towns, with the vacancy rate for June declining to 1.7% compared to 2.1% in May.

The Real Estate Institute of New South Wales has applauded property initiatives announced in the State Budget including the reduction of land tax from 1.7% to 1.6% and the bringing forward of the abolition of mortgage duty to September 1, 2007.

The stagnant state of Sydney's housing market is evident in the first quarter 2007 property data just released by the Real Estate Institute of New South Wales.

While Sydney's rental situation eased slightly in April, it is still a very tight market with little relief for tenants according to Cristine Castle, President of the Real Estate Institute of New South Wales.

Two industry bodies are in town for the local launch of a unique internet marketing initiative that provides real-time information on properties for sale, boosting the capabilities of real estate agencies, particularly those in regional areas where distances can be an issue for buyers and sellers.

The decision by the Reserve Bank of Australia to hold interest rates at their current level has been welcomed by REINSW as it will help sustain a recent pick up in the residential property market.

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.

After a small improvement in January, Sydney's vacancy rates have reached a new low, indicating the shortage of rental accommodation is not a myth but a reality faced by those looking for somewhere to live.