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Rental vacancies end the year virtually unchanged in Orana
The latest figures for December 2008 show a 0.1% increase in the percentage of available rental properties in Orana, ending the year at 3.3%.
“The December results show a very slight improvement in the rental picture for the Orana District,” said REINSW President Steve Martin.
“Yet despite the small increase, Orana has the third highest percentage of available rental properties compared to other regional markets.
“Orana’s result of 3.3 % for December compares well to other regional centres surveyed by REINSW including:
- Central West – 3.6%
- Coffs Harbour – 3.5%
- 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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