Sydney's vacancy rate increase can be put down to seasonality: REINSW
The Real Estate Institute of New South Wales' latest Vacancy Rate Survey saw the number of vacant inner city Sydney properties for rent increase by 0.2% over December 2013, bringing the number to 1.8%, however they note it is seasonal and no cause for alarm.
With the seasonal rise led by the outer suburbs, which saw an increase of 0.3% to 1.6%, middle suburbs saw a 0.1% increase to 1.9%.
REINSW president, Malcolm Gunning, said that it is largely seasonal and that supply issues are still in force.
“We have a long way to go in regard to the major supply issues facing Sydney. We expect to see vacancy rates take a downward turn when January figures are released next month," said Gunning.
“In 2014 REINSW will continue to lobby the NSW Government to ensure that changes are made to help encourage more investment in the property market,” he said.
In other areas of New South Wales seasonal increases were also noted. The Hunter region saw a 0.3% rise to 3.5%, however the Illawarra and Wollongong bucked the trend by declining by 0.1% to 2.1% and 1.7% respectively.
Similarly, regional areas also saw vacancy falls, such as the Murrumbidgee's 0.5% decline and the Mid-North Coast recording a significant drop to 1.7% from 2.8% previously. The Northern Rivers and Coffs Harbour also saw decreases. Many of these may be attributed to their holiday lifestyles.