Residential vacancy rates remained mostly unchanged in the Sydney metropolitan market, providing good opportunities for rental seekers.
According to data released by the Real Estate Institute of New South Wales (REINWS), the June 2014 REINSW Vacancy Rate Survey saw the number of properties for rent across Sydney fall 0.1 percent to 1.8 percent.
“Rates above two percent are considered neutral. We are comfortable with these vacancy rate levels and the opportunities that are provided in the marketplace currently,” said REINSW President Malcolm Gunning.
“The biggest mover in the market was in middle Sydney where availability fell 0.4 percent to 2.1 percent. Inner Sydney vacancy rates remained at 1.9 percent, while the outer suburbs saw a decline of increase of 0.1 percent to 1.5 percent.”
‘Inner’ includes suburbs in Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra, while ‘Middle’ includes suburbs Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
“More stock continues to enter the marketplace. It isn’t uncommon for those requiring new rental accommodations to pay a little more for newer apartments. With an increase in construction we expect to see vacancy rates continue to rise,” Gunning added.
The lowest vacancy rate in NSW was in Albury, which fell 0.5 percent to 1.1 percent, a level last seen in March 2003 when vacancy rates fell to 0.7 percent.
“Albury is a vibrant regional centre with lots of activity. It is growing and has solid employment opportunities. Less incentives for first homebuyers see people in the area renting for longer or those from metropolitan areas moving to enjoy a tree-change,” said Gunning.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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