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Vacancy rates in Sydney, Newcastle and Wollongong deteriorate in February
Released 19 March 2009
The latest data released by the Real Estate Institute of NSW shows a 0.4% fall in rental vacancies across Sydney.
Newcastle was particularly hard hit with the percentage of available properties sliding 1.5% to 1.9%.
The rental picture in Wollongong also deteriorated, dropping 0.3% to 1.7%.
“Unfortunately the rental market in our major metropolitan centres has worsened in February,” said REINSW President Wayne Stewart.
“What we are witnessing is the traditional tightening of the market as the new year gets underway and competition for available properties heats up.
“While January can often see more properties available that quickly dries up in February as schools and universities reopen and people return to work, making the job of finding a rental property that much harder.
“Unless there is dramatic and urgent intervention by the state government to reduce property related taxes, simplify planning laws and better utilise our land resources, then NSW will remain in the grip of a rental crisis.
“This is a key election issue for 2011.
“The party which delivers more incentives to residential property investors in order to increase the amount of available rental accommodation in our major cities will undoubtedly win the support of voters.
“Investors and renters are all voters and they are looking for a solution to this crisis,” said Mr. Stewart.
Overall the rental vacancy rate in Sydney dropped 0.4% to 1.3% in February 2010 whilst in Newcastle the vacancy rate fell 1.5% to 1.9%. In Wollongong, rental vacancies fell 0.3% to 1.7% overall.
Sydney recorded the following results:
- ‘Inner’ suburbs (0-10km from CBD) which fell 0.6% to 1.1%
- ‘Middle’ suburbs (10-25km from CBD) which fell 0.1% to 1.8%
- ‘Outer’ suburbs (More than 25km from CBD) fell by 0.1% to 1.3%
Overall across the Hunter region, the percentage of rental vacancies fell by 0.8% to 1.7% whilst in the Illawarra, the percentage of rental vacancies rose 0.1% to 1.6%.
Residential vacancy rates in NSW:
|
February 2010 |
January 2010 |
November 2009 |
October
2009 |
September
2009 |
August
2009 |
July
2009 |
| SYDNEY |
1.3 |
1.7 |
1.6% |
1.3% |
1.3% |
1.3% |
1.5% |
| Inner (0-10km from CBD) |
1.1 |
1.7 |
1.5 |
1.3 |
1.4 |
1.5 |
1.8 |
| Middle (10-25km) |
1.8 |
1.9 |
2.3 |
1.5 |
1.4 |
1.3 |
1.5 |
| Outer (>25km) |
1.3 |
1.4 |
1.1 |
1.0 |
1.0 |
1.9 |
1.1 |
| |
|
|
|
|
|
|
|
| HUNTER |
1.7 |
2.5 |
1.7 |
1.6 |
1.5 |
1.6 |
1.9 |
| Newcastle |
1.9 |
3.4 |
1.6 |
1.6 |
1.6 |
1.8 |
1.4 |
| Other |
1.5 |
1.5 |
1.6 |
1.5 |
1.4 |
1.4 |
2.3 |
| |
|
|
|
|
|
|
|
| ILLAWARRA |
1.6 |
1.5 |
1.5 |
1.8 |
1.7 |
1.3 |
1.9 |
| Wollongong |
1.7 |
2.0 |
2.0 |
1.8 |
1.6 |
1.3 |
1.9 |
| Other |
1.5 |
0.8 |
1.1 |
1.7 |
1.8 |
1.3 |
1.8 |
| |
|
|
|
|
|
|
|
| Central Coast |
1.4 |
1.8 |
1.3 |
1.5 |
1.6 |
1.6 |
2.1 |
| |
|
|
|
|
|
|
|
| Albury |
1.6 |
1.8 |
2.3 |
1.8 |
1.5 |
2.3 |
2.6 |
| Central West |
1.9 |
2.5 |
1.5 |
1.8 |
2.0 |
2.1 |
2.5 |
| Coffs Harbour |
2.5 |
1.9 |
2.4 |
2.7 |
1.9 |
4.1 |
4.6 |
| Far West |
- |
- |
- |
0.4 |
0.6 |
- |
- |
| Mid-North Coast |
1.9 |
1.1 |
1.2 |
1.5 |
2.3 |
2.2 |
1.6 |
| Murrumbidgee |
2.6 |
3.7 |
3.4 |
2.9 |
3.6 |
- |
- |
| New England |
1.8 |
1.7 |
1.6 |
2.9 |
2.0 |
1.7 |
2.4 |
| Northern Rivers |
1.8 |
2.3 |
1.7 |
2.4 |
2.3 |
1.9 |
1.9 |
| Orana |
1.5 |
3.0 |
1.2 |
1.1 |
1.2 |
1.4 |
1.2 |
| Riverina |
4.2 |
4.1 |
2.6 |
4.1 |
1.5 |
1.3 |
1.6 |
| South Coast |
1.1 |
2.0 |
2.5 |
2.1 |
2.9 |
2.2 |
3.5 |
| South Eastern |
1.4 |
2.3 |
2.5 |
5.3 |
0.8 |
1.7 |
1.6 |
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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