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Rental vacancies end the year lower in the state's Central West
The latest figures for December 2008 showed a 0.5% fall in the percentage of available rental properties, down to 3.5%
“Unfortunately the rental picture in Coffs Harbour remained gloomy at the end of 2008,” said REINSW President Steve Martin.
“For December the available rental vacancy rate fell to 3.5%% which means the market has contracted.
“Yet despite the fall, Coffs Harbour has the second highest rental vacancy of the regional areas surveyed by REINSW behind the Central West of NSW but ahead of:
- Orana – 3.3%
- Albury – 3.1%
- Riverina – 3.1%
“We are clearly not seeing any return to the NSW property market by investors despite the historic low interest rates now on offer.
“The fact is that market conditions are almost perfect for investors thinking about residential and commercial property.
“It is only a matter of time before we start to see investors coming back into the property sector in strong numbers, similar to the influx of first home buyers witnessed in recent months.
“Once investors are back in the property sector, we will start to see an easing in the current tight rental market,” said Mr Martin.
Members can access Vacancy Rate Survey results for the years 2001 to 2008 by clicking here. 
Please direct media enquiries to Julian Brophy on 0408 276 749.
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