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Sydney vacancy rates slide to 6 month low with tenants abandoned by NSW Government
1 December 2010
Sydney’s rental vacancy rates have fallen for the fourth consecutive month and are now equal to the lowest result recorded in 2010.
The percentage of available properties in Sydney fell to 1.1% in October, which is the lowest level recorded since July this year.
Vacancies in Wollongong also fell, although there was an improvement in the rental market in Newcastle.
Unfortunately, October was also a bad month for many parts of rural NSW with rental vacancies falling in seven out of 11 regional centres surveyed.
“There is no doubt that would be tenants in the nation’s largest city are facing a pretty desperate situation in the lead up to Christmas,” said REINSW President Wayne Stewart.
“With the NSW Government ‘missing in action’ on this issue, the fact is that the city and state are now locked into a rental crisis well into 2011.
“The absence of any policy initiative to deliver real incentives for people to invest in the rental property sector has left thousands of tenants competing for the very few available rental properties.
“That situation will only continue to worsen as we enter 2011 when available rental accommodation will be further squeezed by growing demand from tertiary students seeking properties.
“We need to see immediate action from the Keneally Government to break NSW out of the well-established rental crisis which has gripped the state,” said Mr Stewart.
Overall the rental vacancy rate in Sydney dropped 0.1% to 1.1% in October 2010, while in Newcastle the vacancy rate rose 0.2% to 1.4%. In Wollongong, rental vacancies fell 0.1% to 1.7% overall.
Sydney recorded the following results:
- ‘Inner’ suburbs (0-10km from CBD) fell 0.2% to 1.1%
- ‘Middle’ suburbs (10-25km from CBD) fell 0.2% to 1.2%
- ‘Outer’ suburbs (More than 25km from CBD) rose by 0.1% to 1.2%
Overall across the Hunter region, the percentage of rental vacancies rose by 0.1% to 1.4%, while in the Illawarra, the percentage of rental vacancies remains unchanged at 1.6%.
On the Central Coast, rental vacancies rose 0.7% to 2.3%.
|
October
2010 |
September
2010 |
August
2010 |
July
2010 |
June
2010 |
May
2010 |
| SYDNEY |
1.1 |
1.2 |
1.5 |
1.6 |
1.3 |
1.2 |
| Inner (0-10km from CBD) |
1.1 |
1.3 |
1.3 |
1.6 |
1.3 |
1.2 |
| Middle (10-25km) |
1.2 |
1.4 |
1.8 |
2.0 |
1.6 |
1.3 |
| Outer (>25km) |
1.2 |
1.1 |
1.4 |
1.3 |
1.1 |
1.2 |
| |
|
|
|
|
|
|
| HUNTER |
1.4 |
1.3 |
1.8 |
1.7 |
2.0 |
1.6 |
| Newcastle |
1.4 |
1.2 |
1.7 |
1.7 |
2.1 |
1.6 |
| Other |
1.5 |
1.5 |
1.9 |
1.8 |
1.9 |
1.6 |
| |
|
|
|
|
|
|
| ILLAWARRA |
1.6 |
1.6 |
1.8 |
1.6 |
1.5 |
1.3 |
| Wollongong |
1.7 |
1.8 |
2.0 |
1.4 |
1.7 |
1.1 |
| Other |
1.6 |
1.4 |
1.6 |
1.7 |
1.5 |
1.4 |
| |
|
|
|
|
|
|
| Central Coast |
2.3 |
1.6 |
2.2 |
2.1 |
2.3 |
1.9 |
| |
|
|
|
|
|
|
| Albury |
1.7 |
1.9 |
2.5 |
2.7 |
2.1 |
2.5 |
| Central West |
1.5 |
2.2 |
1.4 |
1.7 |
1.5 |
2.4 |
| Coffs Harbour |
1.6 |
2.9 |
3.0 |
2.9 |
3.0 |
3.6 |
| Far West |
- |
- |
- |
- |
- |
- |
| Mid-North Coast |
1.6 |
1.7 |
2.2 |
2.6 |
2.5 |
2.2 |
| Murrumbidgee |
3.9 |
3.1 |
4.0 |
4.2 |
4.3 |
3.1 |
| New England |
1.6 |
2.0 |
1.9 |
2.1 |
2.3 |
2.7 |
| Northern Rivers |
2.5 |
2.3 |
3.0 |
3.0 |
2.0 |
2.1 |
| Orana |
2.1 |
1.8 |
1.7 |
2.8 |
3.3 |
2.6 |
| Riverina |
4.0 |
3.1 |
3.1 |
3.5 |
3.5 |
4.2 |
| South Coast |
1.4 |
1.5 |
1.6 |
2.7 |
2.3 |
2.2 |
| South Eastern |
0.9 |
1.1 |
0.9 |
1.0 |
1.0 |
1.6 |
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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