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Sydney rental vacancies at highest level since August 2007
The percentage of available properties in Sydney jumped to 1.5% for April 2009, an increase of 0.3% compared to the previous month’s results.
“Overall, the rental vacancy rate for Sydney is now at its highest level since August 2007,” said REINSW President Steve Martin.
“These are the best results in almost 2 years however there is still a lot more ground we need to make up before the market reflects a happy medium between supply and demand.
“A vacancy rate of between 3% and 4% is where we need to get to,” said Mr Martin.
Outer Sydney suburbs more than 25 kilometres from the CBD recorded the highest increase of half a percent to 1.4% for April.
The percentage of available properties in “inner’ and ‘middle’ Sydney suburbs both increased by 0.2% to 1.4% and 1.7% respectively.
Newcastle recorded a 0.5% decrease in the percentage of available rental properties down to 1.7% whilst Wollongong rose 0.6% to 2.2%
“The results for Sydney are encouraging and I think we are now starting to see the effect of the low interest rate environment with investors now following the lead of first home buyers.
“In addition, the first home buyer’s boost is resulting in many people buying their own home and consequently freeing up rental stock.
“These are tentative steps however they are clearly helping ease the tight rental market witnessed through most of 2008,” said Mr Martin.
Residential vacancy rates in NSW:
|
April
2009 |
March
2009 |
February
2009 |
January
2009 |
December
2008 |
November
2008 |
| SYDNEY |
1.5% |
1.2% |
1.3% |
1.4% |
1.4% |
1.3% |
| Inner (0-10km from CBD) |
1.4 |
1.2 |
1.3 |
1.3 |
1.3 |
1.3 |
| Middle (10-25km) |
1.7 |
1.5 |
1.3 |
1.3 |
1.5 |
1.2 |
| Outer (>25km) |
1.4 |
0.9 |
1.1 |
1.7 |
1.4 |
1.3 |
| |
|
|
|
|
|
|
| HUNTER |
1.9 |
1.9 |
1.7 |
2.0 |
1.7 |
1.8 |
| Newcastle |
1.7 |
2.2 |
1.3 |
2.2 |
2.1 |
1.7 |
| Other |
2.1 |
1.6 |
2.2 |
1.8 |
1.4 |
1.8 |
| |
|
|
|
|
|
|
| ILLAWARRA |
1.9 |
2.0 |
1.9 |
2.6 |
2.9 |
2.1 |
| Wollongong |
2.2 |
1.6 |
1.5 |
2.4 |
3.0 |
1.9 |
| Other |
1.4 |
2.7 |
2.7 |
3.0 |
2.9 |
0.7 |
| |
|
|
|
|
|
|
| Central Coast |
1.7 |
2.2 |
2.6 |
2.3 |
2.0 |
2.2 |
| |
|
|
|
|
|
|
| Albury |
2.1 |
1.7 |
3.4 |
2.7 |
3.1 |
3.7 |
| Central West |
2.9 |
3.1 |
3.1 |
2.5 |
3.6 |
4.2 |
| Coffs Harbour |
1.8 |
3.6 |
2.7 |
2.5 |
3.5 |
4.0 |
| Mid-North Coast |
2.1 |
1.4 |
2.0 |
1.8 |
2.0 |
1.9 |
| New England |
1.8 |
2.0 |
2.1 |
2.4 |
2.6 |
2.2 |
| Northern Rivers |
2.7 |
2.2 |
2.0 |
2.3 |
1.8 |
1.8 |
| Orana |
1.6 |
1.6 |
2.9 |
3.3 |
3.3 |
3.4 |
| Riverina |
2.3 |
2.2 |
3.0 |
2.6 |
3.1 |
1.9 |
| South Coast |
3.7 |
2.3 |
3.3 |
2.6 |
2.5 |
2.5 |
| South Eastern |
1.5 |
3.5 |
2.6 |
2.4 |
2.3 |
1.1 |
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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