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Rental vacancies in Wollongong surge
1 May 2012
The March 2012 data shows available rentals in suburbs more than 25km from the Sydney CBD suffered the worst fall, down 0.4% compared to the previous month.
That, combined with a 0.1% decline in vacancies in suburbs 10-25 km from the CBD, drove the overall Sydney rental vacancy rate down 0.2% to 1.6%; the lowest rate since December last year.
Conversely, Wollongong has recorded yet another month of strong growth in the percentage of available rental properties surging 0.6% to 3.0%; nearly double that of both Sydney and Newcastle.
Newcastle recorded a rise of 0.3% in March, bringing its rental vacancy rate to 1.6% whilst the Central Coast recorded a strong 0.6% increase to achieve a rental vacancy rate of 2.2%.
“The latest rental vacancy data shows Wollongong was the stand out performer in March with both Sydney and Newcastle well behind,” said REINSW President Christian Payne.
“In the case of Sydney, vacancies have now fallen again for the second consecutive month, continuing to stagnate below 2% for the last 12 months.
“In contrast, Wollongong has breached the 3% rental vacancy barrier and has now recorded increases in the number of available rental properties for every one of the past seven months.
“Newcastle reversed the previous month’s losses and rental vacancies are now at their highest level since November 2011.
“Overall the figures confirm that the rental market across the state is far from consistent and that conditions change significantly depending on where people are looking for accommodation.
“While the market remains tight in Sydney and Newcastle, there is mounting evidence that a positive growth trend is emerging in Wollongong.
“Whether that can be sustained across the long-term remains to be seen.
“It is critical to remember though that any rental recovery, however tentative, needs to be supported by proactive and strategic action to encourage greater investment in new housing to boost rental availability and housing stock,” said Mr Payne.
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March
2012 |
February
2012 |
January 2012 |
December
2011 |
November
2011 |
October
2011 |
| SYDNEY |
1.6 |
1.8 |
1.9 |
1.6 |
1.4 |
1.4 |
| Inner (0-10km from CBD) |
1.5 |
1.5 |
1.7 |
1.5 |
1.2 |
1.3 |
| Middle (10-25km) |
1.9 |
2.0 |
2.1 |
2.0 |
1.7 |
1.6 |
| Outer (>25km) |
1.5 |
1.9 |
1.8 |
1.4 |
1.3 |
1.4 |
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|
|
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|
| HUNTER |
1.6 |
1.4 |
1.5 |
1.1 |
1.4 |
1.7 |
| Newcastle |
1.6 |
1.3 |
1.5 |
1.1 |
1.6 |
1.9 |
| Other |
1.6 |
1.5 |
1.5 |
1.2 |
1.4 |
1.5 |
| |
|
|
|
|
|
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| ILLAWARRA |
2.0 |
2.5 |
2.1 |
1.6 |
1.8 |
1.7 |
| Wollongong |
3.0 |
2.4 |
2.3 |
2.1 |
2.2 |
1.8 |
| Other |
1.7 |
2.5 |
2.0 |
1.4 |
1.6 |
1.4 |
| |
|
|
|
|
|
|
| Albury |
1.2 |
1.6 |
2.0 |
1.7 |
1.4 |
1.9 |
| Central Coast |
2.2 |
1.6 |
1.4 |
1.6 |
1.5 |
1.7 |
| Central West |
2.3 |
1.5 |
1.8 |
1.9 |
1.3 |
1.7 |
| Coffs Harbour |
4.9 |
4.1 |
4.0 |
3.6 |
4.2 |
4.1 |
| Far West |
- |
- |
- |
- |
- |
- |
| Mid-North Coast |
2.2 |
2.2 |
2.2 |
1.9 |
1.6 |
1.8 |
| Murrumbidgee |
1.8 |
1.3 |
3.2 |
2.8 |
2.9 |
2.5 |
| New England |
3.4 |
2.8 |
2.9 |
2.9 |
2.4 |
2.4 |
| Northern Rivers |
2.4 |
3.9 |
3.2 |
2.7 |
2.8 |
3.0 |
| Orana |
1.6 |
1.6 |
1.2 |
1.5 |
1.5 |
1.5 |
| Riverina |
3.9 |
3.9 |
3.9 |
3.5 |
4.2 |
3.7 |
| South Coast |
3.1 |
2.6 |
2.7 |
1.9 |
2.1 |
2.2 |
| South Eastern |
2.2 |
2.1 |
2.5 |
2.2 |
1.6 |
1.5 |
Members can access Vacancy Rate Survey results for the years 2002 to 2012 by clicking here. 
Please direct media enquiries to Julian Brophy on 0408 276 749
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