Seasonal peaks drive vacancies

Seasonal peaks drive vacancies

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Seasonal peaks are driving more rental accommodation along the east coast of Australia, new research has found.

According to data released by the Real Estate Institute of NSW (REINSW) and the Real Estate Institute of Victoria (REIV), the vacancy rate rose slightly in December.

The Sydney rental market's overall vacancy rate rose to 1.9 per cent in December, up 0.1 per cent on November.

The availability of rental homes also rose in Victoria, with a vacancy rate of 2.3 per cent being recorded in Melbourne and 2.6 per cent in regional Victoria over the month of December.

However, REINSW president Christian Payne believes these figures will not last.

“These increases are unlikely to last as traditionally, January and February are peak periods for change all over the state as school leavers, university students and people moving jobs settle into new properties,” he said.

“In 2013 we expect the vacancy rate to quickly reduce back to the tight levels seen in 2012 due to the rising population and lack of new housing developments.

The median rent for a house in Melbourne increased incrementally from $380 per week in November to $381 in December. In regional Victoria it was stable at $300.

The hardest place to find rental accommodation, outside of the Sydney metro area, was the mid-north coast, which saw its availability fall 0.2 per cent to 1.8 per cent, according to the REINSW Vacancy Rate Survey.

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