|
Rental vacancies drop sharply in Sydney's outer and middle suburbs
In May 2009, the percentage of available rental properties across Sydney slumped by half a percent to 1.0%.
“This is the lowest result recorded since May last year and is extremely disappointing,” said REINSW President Steve Martin.
In May 2009, the percentage of available properties in suburbs more than 25 kilometres from the CBD fell 0.4% to 1.0%.
In Sydney’s ‘middle’ suburbs, between 10 and 25 kilometres from the CBD, rental vacancies fell 0.2% to 1.5%.
The only parts of Sydney not to record a fall in available rental properties were suburbs within 10 kilometres of the CBD, which recorded a vacancy rate of 1.4% - unchanged compared to the previous month.
“These results are a double-edged sword: great news for landlords but grim news for tenants,” said Mr Martin.
In the Hunter, rental vacancies fell 0.2% to 1.7%, with vacancies in Newcastle also falling 0.2% to 1.5%.
In the Illawarra, overall vacancies dropped 0.3% to 1.6%, whilst in Wollongong, the percentage of available properties fell a full 1% to 1.2%.
“The results for Sydney and Wollongong are concerning and show that despite falls in interest rates and additional first home buyer incentives, the rental market remains extremely fragile,” said Mr Martin.
Residential vacancy rates in NSW:
|
May
2009 |
April
2009 |
March
2009 |
February
2009 |
January
2009 |
December
2008 |
| SYDNEY |
1.0% |
1.5% |
1.2% |
1.3% |
1.4% |
1.4% |
| Inner (0-10km from CBD) |
1.4 |
1.4 |
1.2 |
1.3 |
1.3 |
1.3 |
| Middle (10-25km) |
1.5 |
1.7 |
1.5 |
1.3 |
1.3 |
1.5 |
| Outer (>25km) |
1.0 |
1.4 |
0.9 |
1.1 |
1.7 |
1.4 |
| |
|
|
|
|
|
|
| HUNTER |
1.7 |
1.9 |
1.9 |
1.7 |
2.0 |
1.7 |
| Newcastle |
1.5 |
1.7 |
2.2 |
1.3 |
2.2 |
2.1 |
| Other |
1.9 |
2.1 |
1.6 |
2.2 |
1.8 |
1.4 |
| |
|
|
|
|
|
|
| ILLAWARRA |
1.6 |
1.9 |
2.0 |
1.9 |
2.6 |
2.9 |
| Wollongong |
1.2 |
2.2 |
1.6 |
1.5 |
2.4 |
3.0 |
| Other |
2.7 |
1.4 |
2.7 |
2.7 |
3.0 |
2.9 |
| |
|
|
|
|
|
|
| Central Coast |
1.6 |
1.7 |
2.2 |
2.6 |
2.3 |
2.0 |
| |
|
|
|
|
|
|
| Albury |
2.3 |
2.1 |
1.7 |
3.4 |
2.7 |
3.1 |
| Central West |
2.2 |
2.9 |
3.1 |
3.1 |
2.5 |
3.6 |
| Coffs Harbour |
3.3 |
1.8 |
3.6 |
2.7 |
2.5 |
3.5 |
| Mid-North Coast |
1.8 |
2.1 |
1.4 |
2.0 |
1.8 |
2.0 |
| New England |
1.9 |
1.8 |
2.0 |
2.1 |
2.4 |
2.6 |
| Northern Rivers |
2.2 |
2.7 |
2.2 |
2.0 |
2.3 |
1.8 |
| Orana |
1.6 |
1.6 |
1.6 |
2.9 |
3.3 |
3.3 |
| Riverina |
2.0 |
2.3 |
2.2 |
3.0 |
2.6 |
3.1 |
| South Coast |
3.5 |
3.7 |
2.3 |
3.3 |
2.6 |
2.5 |
| South Eastern |
2.5 |
1.5 |
3.5 |
2.6 |
2.4 |
2.3 |
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.
|
|
|
|
|
|
| |
|
|