Fewer rental vacancies in Sydney middle suburbs than in the inner city: REINSW
There are now proportionally fewer properties to rent in the middle suburbs of Sydney than in suburbs closest to the Sydney CBD, according to April figures compiled by the Real Estate Institute of NSW (REINSW).
Despite the overall state vacancy rate lifting by 0.1 percentage points to 1.7% during April, the vacancy rate in the middle suburbs (10 to 25 kilometres from CBD) tightened 0.3 percentage points to 1.6%.
The residential vacancy rate in the middle suburbs has been falling since the start of the year – in January it stood at 2.1%
In comparison the vacancy rate rose 0.2 percentage points to 1.7% in the inner-city suburbs and in the outer suburbs (more than 25 kilometres from the CBD) over April.Click to enlarge
Despite a fall of 0.1 percentage points to 2.9%, Wollongong remains the NSW city with highest percentage of available rental properties.
Vacancy rates in Newcastle remained unchanged at 1.6% while on the central coast, the percentage of available rental properties rose 0.1 percentage points to 2.3%.
Regionally, vacancies fell sharply in the Riverina shire in the south-west from 4.4% in March to 3.1% April.
The Coffs Harbour market also tightened noticeably from 4.9% to 4%, but the region still has the highest vacancy rate in the state.
The shire of Murrumbidgee, 630 kilometres west of Sydney, which has a population of around 2,400, recorded the lowest vacancy rate of 1%.Click to enlarge
REINSW president Christian Payne describes the April data as a “mixed bag” proving the point that the “rental market varies significantly from one area to another”.
However, he says the message underlying the mixed results is that “much more needs to be done to address the chronic shortage in rental accommodation.
“Sydney, the nation’s global city, has a rental vacancy rate that hasn’t managed to claw its way above 2% at any time in the past 12 months.
“This situation has very human consequences, with prospective tenants struggling to find accommodation in a timely and affordable manner.
“What we need urgently is a commitment from government to work cooperatively at all levels on resolving this problem and getting investors back into the NSW property market,” he says.
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