The Sydney rental market eased in December with a monthly increase of 0.1% to an overall vacancy rate of 1.9%, according to the Real Estate Institute of New South Wales.
The December 2012 REINSW vacancy rate survey saw an increase in rental accommodation right across the Sydney metro area with the inner suburbs – 0 to 10-kilometres from CBD - increasing 0.1% to 1.8%.
The middle suburbs - 10 to 25-kilometres from the CBD – experienced an increase of 0.2% to 2.3% and the outer suburbs – more than 25 kilometres from the CBD – was up 0.4% to 2.1%.
According to the data, there was a solid increase in availability in the Hunter region with an increase of 0.4% to 2.1%.
“The Hunter has not seen vacancy rates at 2.1% in almost 2 years, since a rate of 2.2% in January 2011,” says REINSW president Christian Payne
The vacancy rate for Newcastle was up 0.4% on November to 1.6% in December and Illawarra remained steady with a fall of just 0.1% to 2.1%.
Coffs harbour continues to have the highest vacancy rate in the state of 3.7%, an increase of 0.3% on November.
Wollongong remained the same at 2.5% and the availability in Albury jumped 0.5% to 1.9% - a level last seen in January 2012 when the vacancy rate was 2.0%.
Payne says these increases in vacancy rates are unlikely to last as traditionally, January and February are peak periods for change over the state as school leavers, university students and people moving jobs settle into new properties.
“In 2013 we expect the vacancy rate to quickly reduce back to the tight levels seen in 2012, due to the rising population and lack of new housing developments,” says Payne.