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Sydney's rental vacancies at highest level in six months
27 August 2010
Yet despite the improvement in Sydney in July, the percentage of available rental properties in Newcastle has deteriorated and remained largely unchanged in Wollongong.
“There is no doubt that the July 2010 vacancy data shows improvement in parts of Sydney, however the fact remains we continue to witness historically low levels of available properties,” said REINSW President Wayne Stewart.
“Unfortunately, the picture in regional NSW remains ordinary with Newcastle vacancies falling sharply and Wollongong showing only minimal improvement.
“The ongoing rental crisis across NSW is a reflection of a lack of action at a Federal and State level, which has driven the supply of rental accommodation lower and pushed the cost of renting higher.
“The fact is that Australian Governments are driving up the cost of living pressures which is keeping thousand of Australians out of home ownership, meaning more people are competing for fewer properties at higher prices.
“REINSW’s Real Tax policy urges the Federal and State Governments to immediately reform property tax in Australia to improve housing affordability and to remove impediments to investment in the private rental market.
“In the interests of tenants across the state, we would seek immediate action from all sides of politics to implement the important reforms identified in our Real Tax policy,” said Mr Stewart.
Overall the rental vacancy rate in Sydney rose 0.3% to 1.6% in July 2010, the highest results since January this year.
In Newcastle the vacancy rate fell 0.4% to 1.7% and in Wollongong, rental vacancies rose just 0.1% to 1.4%.
Increases were recorded in all three regions of Sydney:
- ‘Inner’ suburbs (0-10km from CBD), which rose 0.3% to 1.6%
- ‘Middle’ suburbs (10-25km from CBD), which rose 0.4% to 2.0%
- ‘Outer’ suburbs (more than 25km from CBD), which rose 0.1% to 1.2%
Overall across the Hunter region, the percentage of rental vacancies fell 0.3% to 1.7% whilst in the Illawarra, the percentage of rental vacancies rose 0.1% to 1.6%.
On the Central Coast the rental vacancy rate fell by 0.2% to 2.1% for July.
|
July
2010 |
June
2010 |
May
2010 |
April
2010 |
March 2010 |
February 2010 |
| SYDNEY |
1.6 |
1.3 |
1.2 |
1.3 |
1.1 |
1.3 |
| Inner (0-10km from CBD) |
1.6 |
1.3 |
1.2 |
1.3 |
1.1 |
1.1 |
| Middle (10-25km) |
2.0 |
1.6 |
1.3 |
1.5 |
1.1 |
1.8 |
| Outer (>25km) |
1.3 |
1.1 |
1.2 |
1.2 |
1.0 |
1.3 |
| |
|
|
|
|
|
|
| HUNTER |
1.7 |
2.0 |
1.6 |
1.8 |
1.4 |
1.7 |
| Newcastle |
1.7 |
2.1 |
1.6 |
1.9 |
1.5 |
1.9 |
| Other |
1.8 |
1.9 |
1.6 |
1.7 |
1.4 |
1.5 |
| |
|
|
|
|
|
|
| ILLAWARRA |
1.6 |
1.5 |
1.3 |
0.9 |
1.1 |
1.6 |
| Wollongong |
1.4 |
1.7 |
1.1 |
0.9 |
1.1 |
1.7 |
| Other |
1.7 |
1.5 |
1.4 |
1.0 |
1.2 |
1.5 |
| |
|
|
|
|
|
|
| Central Coast |
2.1 |
2.3 |
1.9 |
2.0 |
1.6 |
1.4 |
| |
|
|
|
|
|
|
| Albury |
2.7 |
2.1 |
2.5 |
2.7 |
2.1 |
1.6 |
| Central West |
1.7 |
1.5 |
2.4 |
1.4 |
1.4 |
1.9 |
| Coffs Harbour |
2.9 |
3.0 |
3.6 |
2.4 |
2.7 |
2.5 |
| Far West |
- |
- |
- |
- |
- |
- |
| Mid-North Coast |
2.6 |
2.5 |
2.2 |
2.8 |
1.9 |
1.9 |
| Murrumbidgee |
4.2 |
4.3 |
3.1 |
2.6 |
3.4 |
2.6 |
| New England |
2.1 |
2.3 |
2.7 |
2.0 |
2.1 |
1.8 |
| Northern Rivers |
3.0 |
2.0 |
2.1 |
2.4 |
2.3 |
1.8 |
| Orana |
2.8 |
3.3 |
2.6 |
2.1 |
1.9 |
1.5 |
| Riverina |
3.5 |
3.5 |
4.2 |
5.1 |
2.8 |
4.2 |
| South Coast |
2.7 |
2.3 |
2.2 |
3.2 |
1.7 |
1.1 |
| South Eastern |
1.0 |
1.0 |
1.6 |
1.0 |
0.9 |
1.4 |
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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