July vacancy rate across Sydney rises 0.1% to 2.2%: REINSW
Sydney’s residential rental market has opened up slightly with increases in the vacancy rate for the inner and middle markets, according to data from the Real Estate Institute of NSW.
The July 2013 vacancy rate across the Sydney metropolitan area rose 0.1% to 2.2%.
The inner suburbs (0-10km from CBD) vacancy rates was up 0.3% to 2.5%, the middle suburbs (10-25km from CBD) up 0.1% to 2.0% and the outer suburbs (more than 25km from CBD) was down 0.2% at 1.9%.
“The inner suburbs of Sydney are seeing the highest vacancy rates since January 2006, reflecting an increase in stock entering the market place,” says REINSW president Christian Payne.
“While this is positive for those seeking rental accommodation, more support is needed for those seeking to invest in the property market.”
Across the state, the Hunter region is up 0.4% to 3.3%, led by a 0.2% increase in Newcastle to 2.4%.
The Illawarra vacancy rate rose 0.5% to 2.8% and Wollongong is up 0.7% to 3.2% - a level last seen in August last year.
Coffs Harbour remains the easiest place to find rental accommodation – it’s steady at 3.7%. Levels also stayed the same on the Mid-North Coast, Murrumbidgee, Riverina and Orana at 2.9%, 2.4%, 3.0% and 1.3%.
The vacancy rate in Albury slipped 0.4% to 1.4% and the Central Coast dropped 0.6% to 2.6%.
