Sydney vacancy rates slide to 6 month low with tenants abandoned by NSW Government

Sydney vacancy rates slide to 6 month low with tenantsabandoned by NSW Government

Regional NSW rental vacancies also deteriorate in October – REINSW

1^st December 2010

Sydney’s rental vacancy rates have fallen for the fourth consecutive month and are now equal to the lowest result recorded in 2010.

The percentage of available properties in Sydney fell to 1.1% in October which is the lowest level recorded since July this year.

Vacancies in Wollongong also fell, although there was an improvement in the rental market in Newcastle.

Unfortunately, October was also a bad month for many parts of rural NSW with rental vacancies falling in 7 out of 11 regional centres surveyed.

“There is no doubt that would be tenants in the nation’s largest city are facing a pretty desperate situation in the lead up to Christmas”, said REINSW President Wayne Stewart.

“With the NSW Government ‘missing in action’ on this issue, the fact is that the city and state are now locked into a rental crisis well into 2011.

“The absence of any policy initiative to deliver real incentives for people to invest in the rental property sector has left thousands of tenants competing for the very few available rental properties.

“That situation will only continue to worsen as we enter 2011 when available rental accommodation will be further squeezed by growing demand from tertiary students seeking properties.

“We need to see immediate action from the Keneally Government to break NSW out of the well established rental crisis which has gripped the state”, said Mr. Stewart.

Overall the rental vacancy rate in Sydney dropped 0.1% to 1.1% in October 2010 whilst in Newcastle the vacancy rate rose 0.2% to 1.4%. In Wollongong, rental vacancies fell 0.1% to 1.7% overall.

Sydney recorded the following results:

‘Inner’ suburbs (0-10km from CBD) which fell 0.2% to 1.1%

‘Middle’ suburbs (10-25km from CBD) which fell 0.2% to 1.2%

‘Outer’ suburbs (More than 25km from CBD) rose by 0.1% to 1.2%

Overall across the Hunter region, the percentage of rental vacancies rose by 0.1% to 1.4% whilst in the Illawarra, the percentage of rental vacancies remains unchanged at 1.6%.

On the Central Coast, rental vacancies rose 0.7% to 2.3%.

Please direct media enquiries to Julian Brophy on 0408 276 749