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Rental vacancies end the year unchanged on the Northern Rivers
The latest figures for December 2008 showed no movement with the percentage of available rental properties, ending the year at 1.8%
“There was a considerable deterioration in the rental picture for the Northern Rivers over the last few months of 2008,” said REINSW President Steve Martin.
“From October the percentage of available rental properties has fallen by 1.0% showing a sustained contraction in the local rental market.
“Northern Rivers’ result of 1.8% for December places it well behind other regional centres surveyed by REINSW including:
- Central West – 3.6%
- Coffs Harbour – 3.5%
- 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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