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Outer Sydney records highest percentage of available rental properties in more than 18 months
The percentage of available properties in Sydney suburbs 25 kilometres or more from the CBD has jumped significantly, according to the January 2009 data released today by REINSW.
“At last it seems we are seeing some return to the market by investors, at least in the key population belt of Sydney,” said REINSW President Steve Martin.
“Importantly, many tenants are taking advantage of increased first home buyer’s grants and achieving the Australian dream of home ownership which is freeing up rental stock.
“The percentage of available properties 25 kilometres or more from the CBD has jumped to its highest level since August 2007, up 0.3 to 1.7%.
“In fact, the result is more than double that recorded in May 2008 when available properties in outer Sydney hit their lowest level for some years of 0.8%.
“There is a clear trend now occurring which points to a return of investors to the market, at least in certain areas.
The overall vacancy rate for Sydney stands at 1.4 percent which is the same as December.
Sydney’s middle suburbs lost some ground, falling 0.2% to 1.3% for January 2009 whilst there was no change in the rental vacancy rate for inner suburbs, which remained at 1.3%.
Newcastle continued to show an increase in the percentage of available rental properties up 0.1% to 2.2% whilst Wollongong dropped back 0.6% to 2.4%.
“I think we are now starting to see the effect of the low interest rate environment with investors now following the lead of first home buyers.
“These are tentative steps however they are clearly helping ease the tight rental market witnessed through most of 2008”, said Mr Martin.
Residential vacancy rates in NSW:
|
January
2009 |
December
2008 |
November
2008 |
October
2008 |
September
2008 |
August
2008 |
| SYDNEY |
1.4% |
1.4% |
1.3% |
1.1% |
1.2% |
1.2% |
| Inner (0-10km from CBD) |
1.3 |
1.3 |
1.3 |
1.1 |
1.5 |
1.4 |
| Middle (10-25km) |
1.3 |
1.5 |
1.2 |
1.1 |
1.1 |
1.1 |
| Outer (>25km) |
1.7 |
1.4 |
1.3 |
1.0 |
1.1 |
1.1 |
| |
|
|
|
|
|
|
| HUNTER |
2.0 |
1.7 |
1.8 |
1.5 |
1.8 |
2.1 |
| Newcastle |
2.2 |
2.1 |
1.7 |
1.6 |
1.6 |
1.6 |
| Other |
1.8 |
1.4 |
1.8 |
1.4 |
2.1 |
2.6 |
| |
|
|
|
|
|
|
| ILLAWARRA |
2.6 |
2.9 |
2.1 |
2.1 |
1.8 |
2.3 |
| Wollongong |
2.4 |
3.0 |
1.9 |
2.2 |
1.4 |
2.1 |
| Other |
3.0 |
2.9 |
0.7 |
1.9 |
2.4 |
2.6 |
| |
|
|
|
|
|
|
| Central Coast |
2.3 |
2.0 |
2.2 |
2.2 |
3.0 |
3.1 |
| |
|
|
|
|
|
|
| Albury |
2.7 |
3.1 |
3.7 |
3.4 |
3.0 |
3.3 |
| Central West |
2.5 |
3.6 |
4.2 |
4.7 |
4.4 |
2.5 |
| Coffs Harbour |
2.5 |
3.5 |
4.0 |
2.9 |
4.1 |
3.4 |
| Mid-North Coast |
1.8 |
2.0 |
1.9 |
2.7 |
2.4 |
2.4 |
| New England |
2.4 |
2.6 |
2.2 |
3.9 |
4.1 |
4.0 |
| Northern Rivers |
2.3 |
1.8 |
1.8 |
2.8 |
1.9 |
2.0 |
| Orana |
3.3 |
3.3 |
3.4 |
3.6 |
2.6 |
2.0 |
| Riverina |
2.6 |
3.1 |
1.9 |
2.6 |
2.7 |
2.7 |
| South Coast |
2.6 |
2.5 |
2.5 |
3.4 |
4.1 |
4.0 |
| South Eastern |
2.4 |
2.3 |
1.1 |
2.5 |
3.7 |
2.7 |
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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