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RENTAL CRISIS A BIGGER PROBLEM THAN INTEREST RATES
7 March 2007
After a small improvement in January, Sydney’s vacancy rates have reached a new low, indicating the shortage of rental accommodation is not a myth but a reality faced by those looking for somewhere to live.
The REINSW’s latest Vacancy Rates survey shows a 1.4% vacancy rate for Sydney in February, two percentage points lower than in January and one percentage point lower than December’s figures which, at 1.5%, were a historical low.
“The situation continues to deteriorate which proves it is a myth that there is no problem,” said REINSW President Cristine Castle. “What are the politicians doing to reassure people that they have plans to alleviate this?”
REINSW provides the only comprehensive data on rental vacancies across NSW.
Sydney’s February 2007 vacancy rate for February of 1.4% is the lowest level seen since the REINSW began collecting data.
Vacancy rates in urban centres close to Sydney have also continued to decline with Newcastle recording 1.8%, down from 2.7% in January and Wollongong recording 2.6%, down from 2.9% in January.
However, the situation has improved on the Central Coast where vacancies rose from 2.2% in January to 2.6% and in Albury where they rose to 2.2% from 1.8%.
Residential vacancy rates in NSW:
|
February
2007 |
January
2007 |
December
2006 |
November
2006 |
| SYDNEY |
1.4% |
1.6% |
1.5% |
1.6% |
| Inner (0-10km from CBD) |
1.3 |
1.6 |
1.4 |
1.3 |
| Middle (10-25km) |
1.3 |
1.6 |
1.6 |
1.9 |
| Outer (>25km) |
1.5 |
1.6 |
1.6 |
1.6 |
| |
|
|
|
|
| HUNTER |
1.5 |
2.2 |
2.2 |
2.4 |
| Newcastle |
1.8 |
2.7 |
2.4 |
2.6 |
| Other |
1.2 |
1.6 |
1.9 |
2.2 |
| |
|
|
|
|
| ILLAWARRA |
2.8 |
3.1 |
3.5 |
3.7 |
| Wollongong |
2.6 |
2.9 |
3.7 |
3.6 |
| Other |
3.6 |
3.4 |
3.0 |
4.0 |
| |
|
|
|
|
| Central Coast |
2.6 |
2.2 |
3.9 |
2.9 |
| |
|
|
|
|
| Albury |
2.2 |
1.8 |
2.3 |
1.8 |
| Central West |
6.1 |
3.7 |
3.5 |
4.8 |
| Coffs Harbour |
3.6 |
3.3 |
3.7 |
3.2 |
| Mid-North Coast |
2.8 |
3.3 |
3.6 |
4.4 |
| New England |
3.0 |
3.0 |
3.9 |
3.4 |
| Northern Rivers |
2.0 |
2.1 |
2.7 |
2.1 |
| Orana |
2.9 |
1.7 |
2.2 |
1.8 |
| Riverina |
3.6 |
4.4 |
4.7 |
4.3 |
| South Coast |
3.0 |
3.4 |
3.3 |
4.3 |
| South Eastern |
1.8 |
1.6 |
1.1 |
1.2 |
Please direct all media enquiries to Dael Climo on tel. (02) 8267 0527.
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