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Rental squeeze continues as vacancies stagnate in NSW
Rental vacancies for September 2008 stand at 1.2%, which is unchanged from August.
“The vacancy rate in Sydney has not risen above 1.2% for more than 12 months,” said REINSW President Steve Martin.
“With the current economic climate in Australia and overseas, it is extremely worrying that vacancies continue to stagnate in this way and show no sign of improving,” Mr Martin said.
Vacancies in the inner suburbs of Sydney improved slightly, rising 0.1% to 1.5%. However vacancies fell by 0.1% in middle Sydney to 1.1%, whilst the vacancy rate in outer Sydney remained unchanged at 1.1%.
In regional NSW the September results brought only bad news for renters.
The story in the Illawarra in September was grim with overall rental vacancies falling by half a percent in September to 1.8%. Wollongong recorded a 0.7% fall in vacancies down to 1.4%.
Rental vacancies in Newcastle remained unchanged at 1.6% and overall Hunter rental vacancies declined 0.3% to 1.8%.
“REINSW is keen to talk to the new Premier about initiatives it has developed which will not only help ease the rental crisis but also address the government’s fiscal crisis as well.
“We were advised that the Premier was keen to discuss our views on the situation when we released our last data in September but so far we haven’t heard anything from his office. Despite this, REINSW remains keen to meet with Premier Rees at any time,” said Mr Martin.
Residential vacancy rates in NSW:
|
September
2008 |
August
2008 |
July
2008 |
June
2008 |
May
2008 |
April
2008 |
| SYDNEY |
1.2% |
1.2% |
1.2% |
1.1% |
0.9% |
1.0% |
| Inner (0-10km from CBD) |
1.5 |
1.4 |
1.2 |
1.4 |
0.9 |
1.2 |
| Middle (10-25km) |
1.1 |
1.1 |
1.3 |
1.1 |
0.8 |
0.9 |
| Outer (>25km) |
1.1 |
1.1 |
1.0 |
0.9 |
0.8 |
1.0 |
| |
|
|
|
|
|
|
| HUNTER |
1.8 |
2.1 |
1.5 |
1.8 |
2.2 |
1.9 |
| Newcastle |
1.6 |
1.6 |
1.5 |
1.8 |
3.1 |
1.5 |
| Other |
2.1 |
2.6 |
1.6 |
1.8 |
1.9 |
2.2 |
| |
|
|
|
|
|
|
| ILLAWARRA |
1.8 |
2.3 |
2.2 |
2.2 |
1.6 |
1.6 |
| Wollongong |
1.4 |
2.1 |
2.3 |
1.3 |
2.0 |
1.5 |
| Other |
2.4 |
2.6 |
2.3 |
3.4 |
1.6 |
1.9 |
| |
|
|
|
|
|
|
| Central Coast |
3.0 |
3.1 |
3.2 |
1.8 |
2.7 |
2.7 |
| |
|
|
|
|
|
|
| Albury |
3.0 |
3.3 |
3.7 |
4.1 |
3.1 |
3.0 |
| Central West |
4.4 |
2.5 |
2.4 |
4.0 |
3.0 |
3.4 |
| Coffs Harbour |
4.1 |
3.4 |
4.6 |
4.9 |
4.0 |
3.8 |
| Mid-North Coast |
2.4 |
2.4 |
2.1 |
2.6 |
2.1 |
2.0 |
| New England |
4.1 |
4.0 |
4.0 |
4.7 |
3.4 |
3.6 |
| Northern Rivers |
1.9 |
2.0 |
1.9 |
1.7 |
2.4 |
1.5 |
| Orana |
2.6 |
2.0 |
1.7 |
2.4 |
3.3 |
1.8 |
| Riverina |
2.7 |
2.7 |
2.6 |
3.3 |
2.3 |
3.4 |
| South Coast |
4.1 |
4.0 |
3.8 |
3.8 |
3.6 |
4.0 |
| South Eastern |
3.7 |
2.7 |
3.8 |
2.0 |
3.3 |
1.2 |
Members can access Vacancy Rate Survey results for the years 2001 to 2007 by clicking here. 
Please direct media enquiries to Julian Brophy on 0408 276 749.
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