Sydney residential rental market continues to tighten
Opportunities to enter the Sydney residential rental market continue to dwindle due to the ongoing low vacancy rates, according to data released by the Real Estate Institute of New South Wales.
The March 2013 REINSW vacancy rate survey, has since shown a further drop in the Sydney metropolitan area to 1.8% from 1.9% at the end of February.
The inner suburbs (0-10km from CBD) led the decline, shrinking 0.3% from last month to 1.7% returning to the same rate in December 2012.
The middle suburbs (10-25km from CBD) remained steady at 2%, but down from January when it hit 2.3%.
REINSW president Christian Payne continues to express his concern over the lack of supply in the rental market this year, after September 2012 he had said the government had failed to provide appropriate incentives to invest in the property market.
“The metropolitan market has tightened for the second month in a row and brings us back to November 2012 levels,” Mr Payne said this month.
Outside of Sydney, Illawara had shrunk by 0.1% to 2.2%, Wollongong had declined by 0.4% to 2.3% while the Hunter region had increased by 0.1% despite a Newcastle experiencing a 0.4% drop to 2.1%.
Mr Payne said despite the Orana region (which includes major centres Dubbo, Cobar and Mudgee), experiencing a rise of 0.5% to 1.6%, it still remained the most difficult region to find accommodation for in its third consecutive month.
According to Payne, the Central Coast availability jumped to 2.4% with 0.5% increase and Coffs Harbour remains the easiest place to find rental accommodation with an increase of 0.4% to 4.3%.
Northern Rivers and Mid-North Coast also experienced increases of 0.4% to 2.7% and 2.3% respectively.
New England saw a fall of 0.8% to 2.5%, the Riverina also saw a decline by 0.1% to 3.4% while the availability in Albury saw an increase of 0.1% to 1.7%.