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UNIVERSITY TOWNS FEEL RENTAL PINCH
Newcastle experienced a similar low at the same time in 2003, however the 0.7% rate is a record low for Wollongong. It is a figure shared by the middle ring of Sydney – suburbs within 10 to 25 kilometres of the city centre – typically popular with younger tenants because they are close to the city’s tertiary institutions and have access to good public transport.
“Scrabbling round looking for non-existent property is not a good way for a young person to be starting out on their university life,” said REINSW President Steve Martin.
“However it’s not only students who are facing the realities of a rental market that is tighter than it’s ever been. I’m told of a recent open day at a fairly highly priced townhouse where there were 60 would-be tenants lined up to see the place.
“The comment we are hearing from property managers is that they have never seen the rental situation so bad.
“Another problem for tenants is that because there is much greater demand for properties than there is available supply, rents are invariably rising. Last year they increased 10% in Sydney and they are predicted to continue to climb.
“Most agents have nothing under $250 on their books, which makes it very difficult for those on a budget, such as students, to raise the bond and afford the weekly rent.”
Residential vacancy rates in NSW:
|
March
2008 |
February
2008 |
January
2008 |
November
2007 |
October
2007 |
| SYDNEY |
0.8% |
0.9% |
1.2% |
1.1% |
0.9% |
| Inner (0-10km from CBD) |
0.9 |
0.9 |
1.3 |
1.0 |
0.8 |
| Middle (10-25km) |
0.7 |
0.9 |
1.1 |
1.1 |
1.1 |
| Outer (>25km) |
1.4 |
0.9 |
1.1 |
1.1 |
1.0 |
| |
|
|
|
|
|
| HUNTER |
1.5 |
1.3 |
1.7 |
1.5 |
1.7 |
| Newcastle |
0.9 |
1.0 |
1.6 |
1.4 |
1.4 |
| Other |
2.0 |
1.8 |
1.8 |
1.7 |
2.0 |
| |
|
|
|
|
|
| ILLAWARRA |
1.7 |
1.3 |
1.8 |
2.3 |
2.2 |
| Wollongong |
0.7 |
1.5 |
2.2 |
2.6 |
2.1 |
| Other |
2.6 |
1.0 |
1.5 |
1.4 |
2.3 |
| |
|
|
|
|
|
| Central Coast |
1.8 |
2.4 |
2.2 |
2.1 |
2.4 |
| |
|
|
|
|
|
| Albury |
2.7 |
3.7 |
3.6 |
2.8 |
3.1 |
| Central West |
4.3 |
3.7 |
4.8 |
4.7 |
4.0 |
| Coffs Harbour |
3.5 |
5.3 |
3.6 |
1.5 |
1.2 |
| Mid-North Coast |
2.3 |
1.4 |
1.6 |
1.4 |
2.6 |
| New England |
3.7 |
3.0 |
3.3 |
2.7 |
4.0 |
| Northern Rivers |
2.8 |
1.5 |
1.9 |
1.0 |
1.6 |
| Orana |
1.7 |
2.7 |
3.1 |
3.0 |
2.3 |
| Riverina |
3.6 |
3.4 |
2.6 |
1.8 |
2.1 |
| South Coast |
2.6 |
4.0 |
2.1 |
3.3 |
4.8 |
| South Eastern |
0.6 |
0.8 |
1.4 |
2.6 |
1.8 |
Members can access Vacancy Rate Survey results for the years 2001 to 2007 by clicking here. 
Please direct media enquiries to Dael Climo on (02) 8267 0527.
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