The squeeze in the inner Sydney rental market has reached levels last seen in March 2012, according to data released by the Real Estate Institute of New South Wales.
The February 2014 REINSW Vacancy Rate Survey
saw the number of properties for rent in the inner suburbs* drop 0.3 per cent at 1.5 per cent.
“The falls have been most dramatic in the inner suburbs, hitting two year lows,” REINSW President Malcolm Gunning said.
“The wider picture for Sydney highlights the need for investors to be encouraged to continue purchasing residential property.
“Across the city overall vacancy rates fell 0.2 per cent at 1.7 per cent, with the middle* suburbs dropping 0.3 per cent at 2.0 per cent and the outer* suburbs down 0.1 per cent at 1.6 per cent.
“There is not enough stock available and this, combined with the future threat of interest rate increases, will see rises in rental prices.
“Wollongong is also facing a severe lack of rental properties with vacancy rates down 0.2 per cent at 1.8 per cent and Newcastle saw declines of 0.3 per cent at 2.4 per cent,” Mr Gunning said.
In regional areas, Northern Rivers saw its vacancy rate drop 0.8 per cent at 1.9 per cent and Coffs Harbour fell 1.1 per cent at 3.0 per cent. The South Coast fell 0.5 per cent at 2.2 per cent.
Albury and Central West remained steady at 1.9 per cent and 4.0 per cent respectively.
Rises in vacancy rates were seen in the Murrumbidgee, up 0.2 per cent to 2.0 per cent, Riverina up 0.3 per cent to 3.9 per cent and Orana up 0.7 per cent to 2.6 per cent.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or firstname.lastname@example.org
* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.
‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.