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Rental vacancies slump in the Central West
“The latest figures are concerning as they show the rental market in the Central West is contracting sharply,” said REINSW President Steve Martin.
“Of course, these results are a double edged sword – a tight rental market is bad news for renters but good news for landlords,” he said.
In May 2009, the percentage of available rental properties fell by 0.7% to 2.2% which is the lowest level recorded in the city since June 2004.
“Despite the very low interest rate environment and the additional incentives for first home buyers, the rental market remains volatile with significant shifts from month to month.
“Hopefully the 50% cut in stamp duty for purchasers of new homes will start to see more investors moving back into the property market resulting in a more stable rental market,” 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.
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