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Wollongong rental vacancies on the rise
The percentage of available properties in Wollongong jumped to 2.2% for April 2009, an increase of 0.6% compared to the previous month’s results.
“These are strong results for Wollongong however we still have a lot more ground we need to make up before the market reflects a happy medium between supply and demand,” said REINSW President Steve Martin.
“A vacancy rate of between 3% and 4% is where we need to get to,” said Mr Martin.
Outside Wollongong rental vacancies fell by 1.3% whilst across the Illawarra there was a slight fall of 0.1% to 1.9%
“The results for Wollongong itself 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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