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Deteriorating rental vacancy rates in Sydney and Newcastle making things even harder for tenants
1 July 2010
The May 2010 rental vacancy rate for Sydney is down 0.1% to 1.2%, with a sharper fall of 0.3% recorded in Newcastle which has a vacancy rate of 1.6%.
However the rental situation in Wollongong has improved slightly, with the city’s rate rising by 0.2% to 1.1%
“Sydney continues to struggle under the strain of the rental vacancy crisis which shows no sign of abating,” said REINSW President Wayne Stewart.
“Over the past 12 months only one survey has recorded a vacancy rate of more than 2% in any one part of Sydney.
“In November 2009, the vacancy rate for Sydney’s ‘middle’ suburbs (10-25km from CBD) was recorded at 2.3%.
“That is the only result in more than 12 months of rental vacancy surveys across all parts of Sydney that we have seen a result above 2%.
“Sadly, this was a one-off with the vacancy rate in ‘middle’ suburbs almost halving in six months, to now stand at 1.3% for May.
“The rental crisis facing workers and families across NSW will only ever be solved through coordinated and targeted action by the NSW Government.
“Not only do we need more incentives for property investors, but also better planning laws to ensure our land resources are properly used to maximise rental accommodation.
“Until these challenges are met, the future will remain grim.
“For potential tenants and families looking for a home, the rental vacancy outlook is very disturbing across most of metropolitan Sydney.
“Inner Sydney suburbs (0-10km from CBD) also recorded a fall in May – down 0.1% to 1.2% – while Sydney’s outer suburbs (25k or more from CBD) remained steady at 1.2%
“Figures show the Hunter Valley region suffered a fall of 0.2% to 1.6%.
“However the rental picture in the Illawarra was a bit brighter in May with overall vacancies increasing 0.4% to 1.3%.
“On the Central Coast, overall rental vacancies fell 0.1% to 1.9%,” said Mr Stewart.
|
May 2010 |
April 2010 |
March 2010 |
February 2010 |
January 2010 |
December 2009 |
November 2009 |
| SYDNEY |
1.2 |
1.3 |
1.1 |
1.3 |
1.7 |
1.3 |
1.6% |
| Inner (0-10km from CBD) |
1.2 |
1.3 |
1.1 |
1.1 |
1.7 |
1.3 |
1.5 |
| Middle (10-25km) |
1.3 |
1.5 |
1.1 |
1.8 |
1.9 |
1.5 |
2.3 |
| Outer (>25km) |
1.2 |
1.2 |
1.0 |
1.3 |
1.4 |
1.2 |
1.1 |
| |
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| HUNTER |
1.6 |
1.8 |
1.4 |
1.7 |
2.5 |
1.6 |
1.7 |
| Newcastle |
1.6 |
1.9 |
1.5 |
1.9 |
3.4 |
1.8 |
1.6 |
| Other |
1.6 |
1.7 |
1.4 |
1.5 |
1.5 |
1.4 |
1.6 |
| |
|
|
|
|
|
|
|
| ILLAWARRA |
1.3 |
0.9 |
1.1 |
1.6 |
1.5 |
1.8 |
1.5 |
| Wollongong |
1.1 |
0.9 |
1.1 |
1.7 |
2.0 |
2.7 |
2.0 |
| Other |
1.4 |
1.0 |
1.2 |
1.5 |
0.8 |
1.1 |
1.1 |
| |
|
|
|
|
|
|
|
| Central Coast |
1.9 |
2.0 |
1.6 |
1.4 |
1.8 |
1.5 |
1.3 |
| |
|
|
|
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|
|
| Albury |
2.5 |
2.7 |
2.1 |
1.6 |
1.8 |
2.7 |
2.3 |
| Central West |
2.4 |
1.4 |
1.4 |
1.9 |
2.5 |
1.9 |
1.5 |
| Coffs Harbour |
3.6 |
2.4 |
2.7 |
2.5 |
1.9 |
2.6 |
2.4 |
| Far West |
- |
- |
- |
- |
- |
0.4 |
- |
| Mid-North Coast |
2.2 |
2.8 |
1.9 |
1.9 |
1.1 |
1.3 |
1.2 |
| Murrumbidgee |
3.1 |
2.6 |
3.4 |
2.6 |
3.7 |
3.2 |
3.4 |
| New England |
2.7 |
2.0 |
2.1 |
1.8 |
1.7 |
1.7 |
1.6 |
| Northern Rivers |
2.1 |
2.4 |
2.3 |
1.8 |
2.3 |
1.9 |
1.7 |
| Orana |
2.6 |
2.1 |
1.9 |
1.5 |
3.0 |
2.3 |
1.2 |
| Riverina |
4.2 |
5.1 |
2.8 |
4.2 |
4.1 |
4.2 |
2.6 |
| South Coast |
2.2 |
3.2 |
1.7 |
1.1 |
2.0 |
2.5 |
2.5 |
| South Eastern |
1.6 |
1.0 |
0.9 |
1.4 |
2.3 |
2.5 |
2.5 |
Members can access Vacancy Rate Survey results for the years 2001 to 2009 by clicking here. 
Please direct media enquiries to Julian Brophy on 0408 276 749
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