23 February 2014. The number of residential rental properties available in Sydney has increased at the start of 2015, according to data released by the Real Estate Institute of New South Wales.
The January 2015 REINSW Vacancy Rate Survey saw the number of properties at 2.0 per cent, up 0.3 per cent.
“For the previous four months vacancy rates had been steady across the metropolitan market, REINSW President Malcolm Gunning said.
“This has been broken by an increase in availability in the inner city due to a large volume of new apartment stock entering the market place.
Availability in Inner* Sydney jumped 0.6 per cent at 2.1 per cent, while Outer* Sydney vacancy rates increased 0.2 per cent at 2.0 per cent and Middle* Sydney fell 0.1 per cent to 2.0 per cent.
“We expect to see this trend continue as more apartments are completed right across the Sydney metropolitan area. We really are seeing unprecedented activity on the building and construction front.
“This boom will benefit those who are looking for more affordable rental accommodation in easy to access, well sought after locations,” Mr Gunning said.
The Hunter area continues to have solid vacancy rates with an overall vacancy rate of 3.3 per cent, down 0.1 per cent and a 0.3 per cent rise in the Newcastle area at 2.7 per cent.
The Wollongong market remains tight with a fall of 0.2 per cent at 1.4 per cent, while the Illawara rose 0.4 per cent to 1.7 per cent.
In regional areas, South Eastern NSW had the highest vacancy rate at 6.2 per cent, up 0.4 per cent, while the hardest place to find rental accommodation was the Far West at 1.0 per cent, down 2.8 per cent.
Albury was up 0.6 per cent at 2.8 per cent and the Northern Rivers availability rose 0.1 per cent to 1.3 per cent.
* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra.
‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.
