Modest rise in Sydney's vacancy rate

Modest rise in Sydney's vacancy rate

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Sydney's residential vacancy rates edged higher in January, according to data from the Real Estate Institute of New South Wales (REINSW).

The January 2013 REINSW Vacancy Rate Survey saw an overall increase of 0.3 per cent across the Sydney metropolitan area to 2.2 per cent.

According to the data, Sydney's inner suburbs (0-10km from CBD) rose 0.2 per cent to 2.0 per cent, the city's middle suburbs (10-25km from CBD) recorded a 0.1 per cent rise to 2.4 per cent, while its outer suburbs (more than 25km from CBD) rose 0.4 per cent to 2.2 per cent.

“These figures are largely as expected at this time of year, but we believe the market will tighten in the coming months as the workforce returns to business as usual following the Christmas and New Year break,” REINSW president Christian Payne said.

“The shortage of rental accommodation looks set to continue because the NSW government has simply not done enough to encourage investment in the property market.

“Investors have a wide variety of investment opportunities at their fingertips and, accordingly, there needs to be incentives to encourage them to invest in the property market rather than other investment opportunities.

“The situation has very real social and economic consequences. Until the government takes action, people will continue to struggle to find suitable accommodation and NSW will continue to lose its best and brightest minds to other states,” Mr Payne said.

Looking across the state, the mid north coast town of Coffs Harbour had the highest vacancy rate, jumping 0.6 per cent to 4.3 per cent.

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