Inner Sydney landlords face looming competition from higher stock levels: REINSW
Sydney�s residential vacancy rates in the inner ring of Sydney have remained tight, according to data released by the Real Estate Institute of New South Wales.
The December 2015�REINSW�Vacancy Rate Survey�saw the number of properties for rent remain steady at 1.8 percent.
But REINSW�President John Cunningham noted a large number of developments were waiting to be competed.�
�Stock levels remain low in some of Sydney�s most popular areas and this is set to continue until the completion of many large developments which are underway,� Mr Cunningham said.�
Vacancy rates in outer Sydney rose 0.2 percent to 1.9 percent, while middle Sydney rose 0.7 percent at 2.4 percent due in large part to lower response rates in this area caused by the holiday period.�
�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.
Northern beaches realtor John Cunningham was elected�president of industry body�Real Estate Institute of New South Wales�for a two-year term in late 2015.
Cunningham�started his real estate career in 1977 and opened his own business, Cunninghams, with his wife Ann in 1991. He opened a second branch of Cunninghams earlier last year.�
He replaced Malcolm Gunning, who remains on the REINSW board.
Elsewhere, rental availability in the Hunter region continued its decline with a fall of 0.2 percent at 2.3 percent. Newcastle was down 0.3 percent at 1.8 percent.�
In the Illawarra the overall vacancy rate fell 0.1 percent to 0.9 percent despite a rise of 0.4 percent in Wollongong to 1.5 percent.�
In the regional areas New England rose 0.2 percent to 3.3 percent, Albury added 0.8 percent to 3.2 percent and the South Coast was up 0.3 percent to 1.7 percent. Northern Rivers dropped 0.6 percent at 0.9 percent and Coffs Harbour was down 0.8 percent at 1.7 percent.
�
