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Newcastle rental vacancies fall in April
The percentage of available properties in Newcastle fell by half a percent to 1.7%, the lowest result since November 2008.
“These are not great figures for Newcastle,” said REINSW President Steve Martin.
“Given the low interest rate environment as well increased first home buyer activity, I think it is fair to say that these results could have been much better.
“A vacancy rate of between 3% and 4% is where we need to get to."
Outside Newcastle, rental vacancies rose 0.5% to 2.1% whilst overall the Hunter’s vacancy rate remained unchanged at 1.9%
“There is significant ground we need to make up before we can say we have reached a happy equilibrium between the interests of both landlords and tenants.
“The latest results should be an encouragement to the NSW Government to consider delivering stamp duty concessions and incentives as part of next month’s State Budget.
“NSW needs to create as many incentives as possible to get investors into the market so that we can increase the amount of available rental stock,” said Mr Martin.
Residential vacancy rates in NSW:
|
April
2009 |
March
2009 |
February
2009 |
January
2009 |
December
2008 |
November
2008 |
| SYDNEY |
1.5% |
1.2% |
1.3% |
1.4% |
1.4% |
1.3% |
| Inner (0-10km from CBD) |
1.4 |
1.2 |
1.3 |
1.3 |
1.3 |
1.3 |
| Middle (10-25km) |
1.7 |
1.5 |
1.3 |
1.3 |
1.5 |
1.2 |
| Outer (>25km) |
1.4 |
0.9 |
1.1 |
1.7 |
1.4 |
1.3 |
| |
|
|
|
|
|
|
| HUNTER |
1.9 |
1.9 |
1.7 |
2.0 |
1.7 |
1.8 |
| Newcastle |
1.7 |
2.2 |
1.3 |
2.2 |
2.1 |
1.7 |
| Other |
2.1 |
1.6 |
2.2 |
1.8 |
1.4 |
1.8 |
| |
|
|
|
|
|
|
| ILLAWARRA |
1.9 |
2.0 |
1.9 |
2.6 |
2.9 |
2.1 |
| Wollongong |
2.2 |
1.6 |
1.5 |
2.4 |
3.0 |
1.9 |
| Other |
1.4 |
2.7 |
2.7 |
3.0 |
2.9 |
0.7 |
| |
|
|
|
|
|
|
| Central Coast |
1.7 |
2.2 |
2.6 |
2.3 |
2.0 |
2.2 |
| |
|
|
|
|
|
|
| Albury |
2.1 |
1.7 |
3.4 |
2.7 |
3.1 |
3.7 |
| Central West |
2.9 |
3.1 |
3.1 |
2.5 |
3.6 |
4.2 |
| Coffs Harbour |
1.8 |
3.6 |
2.7 |
2.5 |
3.5 |
4.0 |
| Mid-North Coast |
2.1 |
1.4 |
2.0 |
1.8 |
2.0 |
1.9 |
| New England |
1.8 |
2.0 |
2.1 |
2.4 |
2.6 |
2.2 |
| Northern Rivers |
2.7 |
2.2 |
2.0 |
2.3 |
1.8 |
1.8 |
| Orana |
1.6 |
1.6 |
2.9 |
3.3 |
3.3 |
3.4 |
| Riverina |
2.3 |
2.2 |
3.0 |
2.6 |
3.1 |
1.9 |
| South Coast |
3.7 |
2.3 |
3.3 |
2.6 |
2.5 |
2.5 |
| South Eastern |
1.5 |
3.5 |
2.6 |
2.4 |
2.3 |
1.1 |
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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