Students vacating campus driving up vacancy rate

Students vacating campus driving up vacancy rate

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Albury is now one of the easiest places to rent a property in NSW, yet this seasonal trend is unlikely to last as university students head back to campus, according to a principal in the area.

The Real Estate Institute of New South Wales (REINSW) has released data revealing Albury’s vacancy rate for rental properties has hit levels last seen in January 2012, bouncing from 0.1 per cent to two per cent and according to REINSW Albury Division chair and Wood Real Estate principal Greg Wood, January is the busiest time for rental movements.

“There are a number of universities in the area that vacate and then see students come back into the area," he said. "They will all have found accommodation by early February and this should be reflected in figures in the future.

“We also have a lot of government transfers and families seeking new housing,” he said.

“Albury, and Thurgoona in particular, have been featured in a few investor magazines as a great place to invest and this, combined with the cut in interest rates, may have a bearing on vacancy rates and the volume of properties on offer.”

The NSW ocean-side town of Coffs Harbour has experienced the same trend and is now the easiest place to find accommodation in the state with a vacancy rate of 4.3 per cent.

Looking at other areas, Sydney had an increase of 0.3 per cent right across the metropolitan area to 2.2 per cent.

Solid rises in vacancy rates were also seen in the Hunter, with a total increase of 0.5 per cent to 2.6 per cent. Newcastle was up 0.4 per cent to 2.0 per cent.

The Illawarra jumped 0.3 per cent to 2.4 per cent, with Wollongong lifting 0.3 per cent to 2.8 per cent.
Availability in Albury was up 0.1 per cent to 2.0 per cent, its highest vacancy level since January 2012.

The most difficult place to find rental accommodation in NSW is now the Orana region, which bucked the trend to fall 0.3 per cent at 1.7 per cent.

The REINSW January 2013 Vacancy Rate Survey saw rental accommodation available in Albury up 0.1 per cent to 2.0 per cent.

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