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Vacancy rates increase in Sydney and Newcastle, unchanged in Wollongong
4 March 2011
However despite the slightly improved rental picture, REINSW is warning of a return to a significantly tighter accommodation market in coming months.
“There is no doubt that the January 2011 vacancy data shows some improvement, however this is to be expected at the beginning of the calendar year due to seasonal factors,” said REINSW President Wayne Stewart.
“Unfortunately without substantive reform to property investment controls in NSW, the state will continue to suffer from an accommodation availability crisis for the foreseeable future.
“In addition, the new amendments to the Residential Tenancy Act passed by the Keneally Government will only result in a further decline in available properties coupled with sky rocketing rents.
“The changes will ultimately drive some investors from the state and leave tenants with even fewer accommodation options,” said Mr Stewart.
Overall the rental vacancy rate in Sydney rose 0.1% to 1.5% in January 2010 whilst in Newcastle the vacancy rate increased by 0.3% to 2.0%.
In Wollongong, rental vacancies remained unchanged at 1.3%.
The increases in Sydney were recorded in the:
• Inner suburbs (0-10km from CBD) rose 0.1% to 1.2%
• Middle suburbs (10-25km from CBD) rose 0.2% to 1.9%
Sydney’s outer suburbs (greater than 25km from the CBD) were unchanged at 1.4%.
Overall across the Hunter region, the percentage of rental vacancies increased 0.4% to 2.2%, while in the Illawarra the percentage of rental vacancies rose 0.1% to 1.7%.
“Ahead of the state election, I call on the Premier and Opposition Leader to outline their plans to rebuild the state’s rental market and to show investors that NSW is ‘open for business’ for residential property investors,” said Mr Stewart.
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January
2011 |
December
2010 |
November
2010 |
October
2010 |
September
2010 |
August
2010 |
| SYDNEY |
1.5 |
1.4 |
1.3 |
1.1 |
1.2 |
1.5 |
| Inner (0-10km from CBD) |
1.2 |
1.1 |
1.2 |
1.1 |
1.3 |
1.3 |
| Middle (10-25km) |
1.9 |
1.7 |
1.4 |
1.2 |
1.4 |
1.8 |
| Outer (>25km) |
1.4 |
1.4 |
1.3 |
1.2 |
1.1 |
1.4 |
| |
|
|
|
|
|
|
| HUNTER |
2.2 |
1.8 |
1.6 |
1.4 |
1.3 |
1.8 |
| Newcastle |
2.0 |
1.7 |
1.8 |
1.4 |
1.2 |
1.7 |
| Other |
2.3 |
1.9 |
1.4 |
1.5 |
1.5 |
1.9 |
| |
|
|
|
|
|
|
| ILLAWARRA |
1.7 |
1.6 |
1.7 |
1.6 |
1.6 |
1.8 |
| Wollongong |
1.3 |
1.3 |
1.6 |
1.7 |
1.8 |
2.0 |
| Other |
2.0 |
1.9 |
1.8 |
1.6 |
1.4 |
1.6 |
| |
|
|
|
|
|
|
| Central Coast |
1.5 |
2.4 |
2.6 |
2.3 |
1.6 |
2.2 |
| |
|
|
|
|
|
|
| Albury |
3.1 |
2.4 |
1.9 |
1.7 |
1.9 |
2.5 |
| Central West |
1.5 |
1.6 |
1.7 |
1.5 |
2.2 |
1.4 |
| Coffs Harbour |
1.7 |
1.6 |
1.9 |
1.6 |
2.9 |
3.0 |
| Far West |
- |
- |
- |
- |
- |
- |
| Mid-North Coast |
2.2 |
1.6 |
1.2 |
1.6 |
1.7 |
2.2 |
| Murrumbidgee |
2.1 |
2.9 |
2.4 |
3.9 |
3.1 |
4.0 |
| New England |
2.1 |
1.7 |
1.9 |
1.6 |
2.0 |
1.9 |
| Northern Rivers |
2.0 |
1.9 |
1.7 |
2.5 |
2.3 |
3.0 |
| Orana |
1.5 |
1.8 |
1.6 |
2.1 |
1.8 |
1.7 |
| Riverina |
3.5 |
3.1 |
2.7 |
4.0 |
3.1 |
3.1 |
| South Coast |
1.5 |
1.6 |
1.7 |
1.4 |
1.5 |
1.6 |
| South Eastern |
1.3 |
1.1 |
1.0 |
0.9 |
1.1 |
0.9 |
Members can access Vacancy Rate Survey results for the years 2001 to 2010 by clicking here. 
Please direct media enquiries to Julian Brophy on 0408 276 749
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