Rental vacancy rates falling further

The rental property vacancy rate in inner Sydney has fallen below 1% according to the latest figures from the Real Estate Institute of NSW.

And the situation is even tighter for Sydney suburbs within a 10-kilometre radius of the CBD where vacancies fell 0.2 per cent to 0.9 per cent in April.

“To have Australia’s largest city measuring its rental vacancy rates in the tenths of one per cent, is quite frankly an alarming position to find ourselves in,” REINSW President Wayne Stewart said yesterday.

“Unfortunately though as shocking as this result is, it is hardly surprising given that governments of all persuasions have steadfastly ignored the rental crisis for years.”

Suburbs further out are better off, with rental vacancies in suburbs 10 to 25km from the CBD rising 0.3 per cent to 1.4 per cent.

In suburbs more than 25 km from CBD the vacancy rate rose 0.2 per cent to 1.4 per cent.

Overall the Sydney rental vacancy rate covering all areas of the city rose 0.1 per cent to 1.2 per cent.

In Newcastle and Wollongong the percentage of available properties increased slightly, while in the Hunter region the vacancy rate rose 0.2 per cent to 1.5 per cent.

The Illawarra remained unchanged at 1.3 per cent, and on the Central Coast rental vacancies stayed at 1.6 per cent.


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