Residential vacancy rate declines in Inner and Outer Sydney led a downward shift in available rental properties, according to data released by the Real Estate Institute of New South Wales.
The August 2014 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney fall 0.2 per cent to 1.8 per cent.
“Inner* Sydney vacancy rates had a decline of 0.2 per cent to 1.8 per cent, while the outer* suburbs slipped 0.1 per cent to 1.8 per cent. The middle* suburbs bucked the trend with a rise of 0.2 per cent, at 2.1 per cent,” REINSW President Malcolm Gunning said.
“We hit the bottom of the availability trend in March 2014 with 1.4 per cent and have been tracking upwards for the last five months.
“This decline could really be considered a slight glitch. Over the next few months it is expected that availability will continue to improve as more properties enter the marketplace as a result of the construction boom in Sydney,” Mr Gunning said.
“Availability in the Hunter also fell 0.5 per cent, at 3.3 per cent, wiping out the gains made in July. Newcastle slipped from 3.2 per cent availability to 2.7 per cent.”
Looking to the Illawarra, total availability was down 0.1 per cent to 2.0 per cent, with Wollongong rising 0.1 per cent at 2.2 per cent.
Vacancy rates in New England slipped 0.7 per cent, from 11-year highs, to 3.5 per cent, while the availability in Orana fell 1.0 per cent to 2.1 per cent after considerable gains the previous month.
In August, the hardest place to find rental accommodation in NSW was Albury at 1.7 per cent, up 0.1 per cent.
Coffs Harbour saw a 0.3 per cent rise in the number of properties available at 3.4 per cent, while the Northern Rivers jumped 1.7 per cent at 3.7 per cent, a level last seen in February 2012, when the availability was at 3.9 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.