The rental vacancy rate in Sydney has fallen in November to 1.8 per cent, new data from the Real Estate Institute of NSW shows.
According to data released by the REINSW, the Sydney rental market tightened again down 0.1 per cent from October.
However there were mixed results across the inner, middle and outer suburbs of Sydney.
The inner suburbs, which are categorised as 0 to 10km from the CBD rose 0.1 to 1.7 per cent and the middle suburbs, 10 to 15km from CBD were steady at 2.1 per cent. While suburbs that were more than 25km away from the CDB fell 0.6 to 1.6 per cent.
“The most dramatic change in the state was recorded in the outer suburbs of Sydney, with a fall of 0.6 per cent to 1.6 per cent,” REINSW president Christian Payne said.
“In fact, since August 2012, the vacancy rate in the outer suburbs of Sydney has fallen from a high of 3.1 per cent to 1.6 per cent, a level last seen in March 2012, when the vacancy rate was 1.5 per cent.
“The reduction in interest rates by the Reserve Bank of Australia at their board meeting in December is likely to help stimulate investment in the residential property market. This should have a flow on effect in 2013.”
Others areas which saw declines in availability were the Illawarra, with a total decline of 0.2 per cent to 2.2 per cent. Wollongong slipped 0.1 per cent to 2.5 per cent.
“The vacancy rate in Newcastle dropped 0.4 per cent to 1.2 per cent, while the Hunter as a whole remained steady at 1.7 per cent,” he said.
“Coffs Harbour still has the highest vacancy rates in the state at 3.4 per cent, despite a fall of 0.2 per cent.
“The lowest level of available rental property is in Albury at 1.4 per cent after a drop of 0.2 per cent, while the Murrumbidgee continued to see increases in vacancies, up 0.1 per cent to 1.5 per cent.”