The rental market has tightened across the state, according to data released by the Real Estate Institute of New South Wales.
The February 2013 REINSW Vacancy Rate Survey saw a contraction of 0.3 per cent in the Sydney metropolitan area to 1.9 per cent.
- Inner suburbs (0-10km from CBD) remained steady at 2.0 per cent
- Middle suburbs (10-25km from CBD) declined 0.4 to 2.0 per cent
- Outer suburbs (more than 25km from CBD) declined 0.4 to 1.8 per cent
“The residential rental market has contracted during February, in line with our expectations,” REINSW President Christian Payne said.
“The market will continue to tighten due to the lack of supply caused by the Government’s failure to provide appropriate incentives to invest in property market.
“This dire situation will not resolve itself. We need action today from the Government to address the inadequate, expensive and complex planning system, and an inequitable property tax regime.
“If not remedied, the crisis will continue to have significant negative impacts on the future prospects of NSW both economically and socially,” Mr Payne said.
“Looking across the state, the most difficult place to find rental accommodation in NSW was again the Orana region, which includes the major centres of Dubbo, Cobar and Mudgee. The vacancy rate dropped 0.6 per cent to 1.1 per cent, a figure last seen in September 2012.”
In the Illawarra, Wollongong slipped 0.1 per cent at 2.7 per cent in line with the overall decline for the region of 0.1 per cent at 2.3 per cent.
The Hunter area retracted 0.3 per cent at 2.3 per cent even though Newcastle saw an increase of 0.5 per cent to 2.5.
“Despite a fall of 0.4 per cent, Coffs Harbour was again the easiest place to find accommodation, with a vacancy rate of 3.9 per cent,” Mr Payne said.
The Riverina jumped 0.8 per cent to 3.5 per cent while, South Eastern NSW fell 0.2 per cent to 3.6 per cent and Albury dropped 0.4 per cent to 1.6 per cent.
For further information or to arrange an interview with Christian Payne, please contact: Helen Hull – 0419 642 961 or [email protected]