Inner Sydney vacancy rate hits 22-month low

Inner Sydney vacancy rate hits 22-month low

Posted on Wednesday, December 17 2014 at 2:49 PM

Vacancy rates across Sydney remain flat as a result of the inner city carrying outer suburbs, according to the Real Estate Institute of New South Wales (REINSW).

The November 2014 REINSW Vacancy Rate Survey saw
the overall number of available properties at 1.7 per cent.

Availability in Inner Sydney fell 0.1 per cent to
1.5 per cent, a figure not seen since February 2013.

Outer Sydney vacancy rates increased 0.3 per
cent to 1.7 per cent and Middle Sydney fell 0.2 per cent to two per cent.

Gunning, chief executive offier of the REINSW, says near city suburbs are obviously
carrying those further afield.

“Declines in the Inner and Middle Sydney were
leveled out by the increase in the outer areas.

“It is a third month in a row that vacancy rates
have been stable at 1.7 per cent.”

Gunning believes current rates show supply isn’t
meeting demand with parity recognised as being two per cent.

“Therefore we question the Australian Prudential
Regulation Authority’s concerns and recommendations for banks to tighten their
lending criteria to investors.”

Vacancy rates in the Illawarra were down two per
cent to 1.7 per cent, while Wollongong was up 0.1 per cent to 2.3 per cent.

In regional areas, the Northern Rivers was the
hardest place to find rental accommodation at one per cent, down 1.2 per cent,
and Murrumbidgee was up 0.2 per cent to 1.5 per cent.

New England was up 0.8 per cent to 3.7 per cent,
Albury was up 0.3 per cent to 2.2 per cent and South Eastern rose 1.6 per cent
to 5.0 per cent, according to the survey.


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