Vacancy rates drop across the board

The residential rental market has weakened across the state, according to data released by the Real Estate Institute of NSW.

The August 2013 REINSW Vacancy Rate Survey found availability across the Sydney metropolitan area down 0.2% to 2.0%. The survey found:

• Inner suburbs (0-10km from CBD) were down 0.1% to 2.4%

• Middle suburbs (10-25km from CBD) were down 0.2% to 1.8%

• Outer suburbs (more than 25km from CBD) were down 0.1% at 1.8%

“All Sydney suburbs saw declines due to less stock being available to those seeking rental properties,” REINSW president Christian Payne said.

“This is cause for concern after increases in availability over the previous four months. Declines were

seen in most areas across the state.’’

The Illawarra was hit hard with a fall of 0.7% to 2.1% across the region and a drop of 0.7% in Wollongong to 2.5%. The South Coast was down 0.7% to 2.5%.

The Hunter slipped 0.3% to 3.0%, despite a rise of 0.2% in Newcastle to 2.6%. Albury and New England also bucked the trend with an increase of 0.5% to 1.9% and 0.2% to 2.9% respectively.

The Central Coast fell 0.3% to 2.3%, while Northern Rivers was down 0.3% to 2.8%. Orana had a vacancy rate of just 1.0% after a drop of 0.3%.

Coffs Harbour continues to be the easiest place to find rental accommodation even though it slipped 0.1% to 3.6%.

 

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