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Falling rental vacancies on the Mid North Coast another sign banks should cut interest rates
The latest REINSW rental vacancy data for March 2009 shows a fall in the percentage of available properties, down 0.6% to 1.4%.
“These are extremely disappointing results for the Mid North Coast,” said REINSW President Steve Martin.
“Whilst a tight rental market is good news for landlords, for prospective tenants the results are bleak,” said Mr Martin.
“In fact the happy equilibrium for landlords and tenants is somewhere around the 4% to 5% mark so we have a long way to go.
“For there to be any sustained improvement in rental availability, we need investors back into the market and that goal isn’t made any easier when the banks refuse to pass on interest rate cuts, no matter how small.
“The recent interest rate cut was not given to boost bank profits. The benefits of the interest rate cuts belong to all of us.
“Small investors, families and business on the Mid North Coast are all battling tough economic times so any reduction in lending costs is of enormous help to them and to the economy.
“Significant assistance has been given by the Federal Government to major banking institutions to help them deal with the current economic crisis.
“It’s time for the banks to do the right thing and put Australians before profits and immediately pass on the latest interest rate cuts to investors,” said Mr Martin.
Residential vacancy rates in NSW:
|
March
2009 |
February
2009 |
January
2009 |
December
2008 |
November
2008 |
October
2008 |
| SYDNEY |
1.2% |
1.3% |
1.4% |
1.4% |
1.3% |
1.1% |
| Inner (0-10km from CBD) |
1.2 |
1.3 |
1.3 |
1.3 |
1.3 |
1.1 |
| Middle (10-25km) |
1.5 |
1.3 |
1.3 |
1.5 |
1.2 |
1.1 |
| Outer (>25km) |
0.9 |
1.1 |
1.7 |
1.4 |
1.3 |
1.0 |
| |
|
|
|
|
|
|
| HUNTER |
1.9 |
1.7 |
2.0 |
1.7 |
1.8 |
1.5 |
| Newcastle |
2.2 |
1.3 |
2.2 |
2.1 |
1.7 |
1.6 |
| Other |
1.6 |
2.2 |
1.8 |
1.4 |
1.8 |
1.4 |
| |
|
|
|
|
|
|
| ILLAWARRA |
2.0 |
1.9 |
2.6 |
2.9 |
2.1 |
2.1 |
| Wollongong |
1.6 |
1.5 |
2.4 |
3.0 |
1.9 |
2.2 |
| Other |
2.7 |
2.7 |
3.0 |
2.9 |
0.7 |
1.9 |
| |
|
|
|
|
|
|
| Central Coast |
2.2 |
2.6 |
2.3 |
2.0 |
2.2 |
2.2 |
| |
|
|
|
|
|
|
| Albury |
1.7 |
3.4 |
2.7 |
3.1 |
3.7 |
3.4 |
| Central West |
3.1 |
3.1 |
2.5 |
3.6 |
4.2 |
4.7 |
| Coffs Harbour |
3.6 |
2.7 |
2.5 |
3.5 |
4.0 |
2.9 |
| Mid-North Coast |
1.4 |
2.0 |
1.8 |
2.0 |
1.9 |
2.7 |
| New England |
2.0 |
2.1 |
2.4 |
2.6 |
2.2 |
3.9 |
| Northern Rivers |
2.2 |
2.0 |
2.3 |
1.8 |
1.8 |
2.8 |
| Orana |
1.6 |
2.9 |
3.3 |
3.3 |
3.4 |
3.6 |
| Riverina |
2.2 |
3.0 |
2.6 |
3.1 |
1.9 |
2.6 |
| South Coast |
2.3 |
3.3 |
2.6 |
2.5 |
2.5 |
3.4 |
| South Eastern |
3.5 |
2.6 |
2.4 |
2.3 |
1.1 |
2.5 |
Members can access Vacancy Rate Survey results for the years 2001 to 2008 by clicking here. 
Please direct media inquiries to Julian Brophy on 0408 276 749.
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