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South Eastern rental vacancies rise
The latest REINSW rental vacancy data for March 2009 shows the percentage of available properties has increased by 0.9% to 3.5%.
“This is a good result for the State’s South Eastern District,” said REINSW President Steve Martin.
“The fact that there has been a significant increase in the percentage of available rental properties is good news.
“Yet for there to be any sustained improvement in rental availability, we need investors back into the market and that goal isn’t made any easier when the banks refuse to pass on interest rate cuts, no matter how small.
“The recent interest rate cut was not given to boost bank profits. The benefits of the interest rate cuts belong to all of us.
“That is why the banks need to immediately pass on the recent interest rate cut to small investors, families and business in the South East.
“Strengthening the rental market isn’t made an easy goal when the banks refuse to pass on interest rate cuts, no matter how small.
“The State’s South Eastern District, like the rest of Australia, is suffering the effects of the global economic crisis so any reduction in lending costs is of enormous help.
“Significant assistance has been given by the Federal Government to major banking institutions to help them deal with the current economic crisis.
“It’s time for the banks to do the right thing and put Australians before profits and immediately pass on the latest interest rate cuts to investors,” said Mr Martin.
Residential vacancy rates in NSW:
|
March
2009 |
February
2009 |
January
2009 |
December
2008 |
November
2008 |
October
2008 |
| SYDNEY |
1.2% |
1.3% |
1.4% |
1.4% |
1.3% |
1.1% |
| Inner (0-10km from CBD) |
1.2 |
1.3 |
1.3 |
1.3 |
1.3 |
1.1 |
| Middle (10-25km) |
1.5 |
1.3 |
1.3 |
1.5 |
1.2 |
1.1 |
| Outer (>25km) |
0.9 |
1.1 |
1.7 |
1.4 |
1.3 |
1.0 |
| |
|
|
|
|
|
|
| HUNTER |
1.9 |
1.7 |
2.0 |
1.7 |
1.8 |
1.5 |
| Newcastle |
2.2 |
1.3 |
2.2 |
2.1 |
1.7 |
1.6 |
| Other |
1.6 |
2.2 |
1.8 |
1.4 |
1.8 |
1.4 |
| |
|
|
|
|
|
|
| ILLAWARRA |
2.0 |
1.9 |
2.6 |
2.9 |
2.1 |
2.1 |
| Wollongong |
1.6 |
1.5 |
2.4 |
3.0 |
1.9 |
2.2 |
| Other |
2.7 |
2.7 |
3.0 |
2.9 |
0.7 |
1.9 |
| |
|
|
|
|
|
|
| Central Coast |
2.2 |
2.6 |
2.3 |
2.0 |
2.2 |
2.2 |
| |
|
|
|
|
|
|
| Albury |
1.7 |
3.4 |
2.7 |
3.1 |
3.7 |
3.4 |
| Central West |
3.1 |
3.1 |
2.5 |
3.6 |
4.2 |
4.7 |
| Coffs Harbour |
3.6 |
2.7 |
2.5 |
3.5 |
4.0 |
2.9 |
| Mid-North Coast |
1.4 |
2.0 |
1.8 |
2.0 |
1.9 |
2.7 |
| New England |
2.0 |
2.1 |
2.4 |
2.6 |
2.2 |
3.9 |
| Northern Rivers |
2.2 |
2.0 |
2.3 |
1.8 |
1.8 |
2.8 |
| Orana |
1.6 |
2.9 |
3.3 |
3.3 |
3.4 |
3.6 |
| Riverina |
2.2 |
3.0 |
2.6 |
3.1 |
1.9 |
2.6 |
| South Coast |
2.3 |
3.3 |
2.6 |
2.5 |
2.5 |
3.4 |
| South Eastern |
3.5 |
2.6 |
2.4 |
2.3 |
1.1 |
2.5 |
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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