Inner city dictates state vacancy rate

Inner city dictates state vacancy rate

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Demand for properties in the inner suburbs of Sydney led the charge to reduce the overall vacancy rate across the state.

The March 2013 Real Estate Institute of NSW (REINSW) Vacancy Rate Survey saw the Sydney metropolitan area at 1.8 per cent, a decline of 0.1 per cent in availability.

Inner suburbs contracted 0.3 per cent to 1.7 per cent, middle and outer suburbs remained steady at 2.0 per cent and 1.8 per cent respectively.

“The Sydney residential rental market is under a great deal of pressure,” REINSW president Christian Payne said.

“The metropolitan market has tightened for the second month in a row and brings us back to November 2012 levels,” Mr Payne said.

The Illawarra retracted 0.1 per cent to 2.2 per cent, led by a decline of 0.4 per cent in Wollongong to 2.3 per cent, while the Hunter region was up 0.1 per cent, despite a drop of 0.4 per cent in Newcastle to 2.1 per cent.

“Looking across the state, Orana which includes the major centres of Dubbo, Cobar and Mudgee, was the most difficult place to find rental accommodation for a third month in a row. This was despite a rise of 0.5 per cent to 1.6 per cent,” Mr Payne said.

“The Central Coast availability jumped 0.5 per cent to 2.4 per cent, and Coffs Harbour was again the easiest place to find rental accommodation, with a rise of 0.4 per cent to 4.3 per cent,” Mr Payne said.

The Northern Rivers and Mid-North Coast also saw rises of 0.4 per cent to 2.7 per cent and 2.3 per cent respectively.

New England bucked the trend with a fall of 0.8 per cent to 2.5 per cent, the Riverina declined 0.1 per cent to 3.4 per cent, while Albury’s availability increased 0.1 per cent to 1.7 per cent.

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