Sydney rental market tightens for second month

Sydney rental market tightens for second month

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The Sydney rental market has tightened for the second month in a row, according to new data.

The Real Estate Institute of New South Wales’ (REINSW) September 2013 REINSW Vacancy Rate Survey revealed availability across the Sydney metropolitan area was down 0.3 per cent to 1.7 per cent.

Availability in the inner suburbs (0-10km from CBD) was down 0.6 per cent to 1.8 per cent, the middle suburbs (10-25km from CBD) remained steady at 1.8 per cent, and the outer suburbs (more than 25km from CBD) were down 0.3 per cent at 1.5 per cent

“The popular Inner Sydney suburbs lead the declines which saw vacancy rates drop to six month lows,” REINSW Deputy President Malcolm Gunning said.

“September is a busy time for the rental market and unfortunately it is no surprise that people are finding it more difficult to find accommodation,” Mr Gunning said.

The Hunter remained steady at 3.0 per cent despite a decline of 0.9 per cent at 1.7 per cent in Newcastle. Similarly, the Illawarra’s slide of 0.1 per cent was led by a fall of 0.6 per cent in Wollongong at 1.9 per cent.

New England dropped 0.5 per cent to 2.4 per cent and the South Coast edged 0.1 per cent lower to 2.4 per cent. The Mid-North Coast and Central Coast also saw declines of 0.6 per cent and 0.4 per cent to 2.1 per cent and 1.9 per cent respectively.

Albury rose 0.1 per cent to 2.0 per cent, South Eastern lifted 0.6 per cent to 3.5 per cent and Northern Rivers added 0.3 per cent to 3.1 per cent.

The Central West was the easiest place to find rental accommodation after an increase of 0.3 per cent to 3.8 per cent. While Coffs Harbour, which had held title for almost two years, dropped 0.6 per cent to 3.0 per cent.

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