New data reveals vacancy rates across Sydney’s inner and middle suburbs have tightened as first home buyers, unable to purchase properties, look to rental accommodation.
The October 2013 Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey has revealed availability across the Sydney metropolitan area has remained steady at 1.7 per cent.
The inner suburbs fell 0.1 per cent at 1.7 per cent, the middle suburbs were down 0.2 per cent at 1.6 per cent, while the outer suburbs were up 0.2 per cent at 1.7 per cent.
REINSW president Christian Payne said, “First home buyers who can’t afford to buy their dream homes are putting substantial pressure on the rental market.
“Middle suburbs, including Auburn, Burwood, Hunters Hill, Parramatta and Ryde are some of the hardest places to find accommodation in Sydney.
“We haven’t seen vacancy rates in the middle suburbs this low in 18 months, and this is yet another indicator of how the abolition of incentives on existing properties for first home buyers is causing issues across the marketplace,” Mr Payne continued.
Outside Sydney, the Hunter region fell 0.1 per cent at 2.9 per cent, despite Newcastle’s increase of 0.7 per cent to 2.4 per cent.
The Illawarra remained steady at 2.0 per cent, even though Wollongong’s vacancy rate rose 0.4 per cent to 2.3 per cent.
In regional areas, Albury was the hardest place to find rental accommodation after a decline of 0.2 per cent at 1.8 per cent. Orana, which had previously held the title, jumped 0.6 per cent to 1.9 per cent.
Northern Rivers’ availability rose 0.2 per cent to 3.1, and New England was up 0.5 per cent to 2.9 per cent.
Meanwhile, the easiest place to find rental accommodation in the state was the central west, after a rise of 0.3 per cent to 4.1 per cent, and south eastern NSW added 0.5 per cent to reach 4.0 per cent. Coffs Harbour’s availability leapt 0.8 per cent to 3.8 per cent.