Sydney rental availability may hit crisis point


Sydney rental availability may hit crisis point

Posted on Wednesday, April 23 2014 at 11:38 AM

Vacancy rates across Sydney are verging on crisis levels, according to data released by the Real Estate Institute of New South Wales (REINSW).


The March
2014 REINSW Vacancy Rate Survey
saw the numbers of properties for
rent across Sydney drop 0.3 per cent at 1.4 per cent.



“We haven’t seen vacancy rates right across Sydney this low since
November 2011,” REINSW president Malcolm Gunning said.


“Sydney is going backwards in regard to properties available for rent. Something
must be done to ensure that there is a greater level of choice for those
seeking to secure a rental property in Australia’s biggest city.



“Inner Sydney vacancy rates fell 0.2 per cent, the lowest across the
metropolitan area, to 1.3 per cent.

“Middle and outer suburbs declined 0.4 per cent and 0.1 per cent
respectively to 1.6 per cent and 1.5 per cent.



“We look with interest to the direction new premier Mike Baird will take
in regard to property. His support is essential to ensure that the best and
brightest remain in NSW.

“This can only happen if he identifies the inequities of the current
planning system as well as lack of affordable housing and incentives for first
home buyers.”

In other areas, Newcastle’s vacancy rate was 2.5 per cent, a rise of 0.1
per cent, and the Hunter overall was 3.1 per cent, down 0.1 per cent.

Wollongong’s availability was 2.3 per cent, up from 1.6 per cent, which
influenced the Illawarra’s vacancy rate of 2.1 per cent, up from 1.7 per cent.


Residential vacancy rates on the mid-north coast were the lowest outside
the Sydney metropolitan area at 1.4 per cent, down 0.3 per cent. The area with
the greatest availability was Coffs Harbour at 3.8 per cent, up 0.8 per cent.



Albury and Murrumbidgee were at 2.1 per cent, up 0.2 per cent and 0.1
per cent respectively, while New England and the Central West were at 3.5 per
cent up 0.3 per cent and down 0.5 per cent respectively.


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    Sydney rental availability may hit crisis point


    Sydney rental availability may hit crisis point

    Posted on Wednesday, April 23 2014 at 11:38 AM

    Vacancy rates across Sydney are verging on crisis levels, according to data released by the Real Estate Institute of New South Wales (REINSW).


    The March
    2014 REINSW Vacancy Rate Survey
    saw the numbers of properties for
    rent across Sydney drop 0.3 per cent at 1.4 per cent.



    “We haven’t seen vacancy rates right across Sydney this low since
    November 2011,” REINSW president Malcolm Gunning said.


    “Sydney is going backwards in regard to properties available for rent. Something
    must be done to ensure that there is a greater level of choice for those
    seeking to secure a rental property in Australia’s biggest city.



    “Inner Sydney vacancy rates fell 0.2 per cent, the lowest across the
    metropolitan area, to 1.3 per cent.

    “Middle and outer suburbs declined 0.4 per cent and 0.1 per cent
    respectively to 1.6 per cent and 1.5 per cent.



    “We look with interest to the direction new premier Mike Baird will take
    in regard to property. His support is essential to ensure that the best and
    brightest remain in NSW.

    “This can only happen if he identifies the inequities of the current
    planning system as well as lack of affordable housing and incentives for first
    home buyers.”

    In other areas, Newcastle’s vacancy rate was 2.5 per cent, a rise of 0.1
    per cent, and the Hunter overall was 3.1 per cent, down 0.1 per cent.

    Wollongong’s availability was 2.3 per cent, up from 1.6 per cent, which
    influenced the Illawarra’s vacancy rate of 2.1 per cent, up from 1.7 per cent.


    Residential vacancy rates on the mid-north coast were the lowest outside
    the Sydney metropolitan area at 1.4 per cent, down 0.3 per cent. The area with
    the greatest availability was Coffs Harbour at 3.8 per cent, up 0.8 per cent.



    Albury and Murrumbidgee were at 2.1 per cent, up 0.2 per cent and 0.1
    per cent respectively, while New England and the Central West were at 3.5 per
    cent up 0.3 per cent and down 0.5 per cent respectively.


    Follow us on Twitter.

    Was this article helpful? Place a link to it from your website, or share it using the button below.


    Bookmark and Share

    Recent articles:

    Sydney rental availability may hit crisis point

    Further property price rises predicted

    Small housing prices rocket in regional Victoria

    WA rents rise strongest

    Real estate leads business confidence upswing.

    Melbourne set to become Australia’s largest city

    Leave a comment

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    Comments

      Article source: http://feedproxy.google.com/~r/API_Property_News/~3/VfmAlsIqi30/sydney-rental-availability-may-hit-crisis-point