Sydney experienced a slight rise in rental availability over the month of January, but residential vacancy rates remain tight, new data has shown.
Data released by the Real Estate Institute of New South Wales (REINSW) shows the number of properties for rent rose from 1.0 per cent to 1.9 per cent in January, and according to REINSW deputy pPresident John Cunningham, the ‘middle’ suburbs of Sydney drove this change.
“The middle suburbs led the rise with an increase of 0.4 per cent in availability to 2.3 per cent,” he said.
“This rate was last seen just over 12 months ago in December 2012.”
Availability in the inner suburbs of Sydney remained steady at 1.8 per cent, while the outer suburbs rose by 0.1 per cent to 1.7 per cent.
“Sydney has not seen significant rises in recent months and there is a great deal of pressure on the residential property market. We must make property more attractive to investors with the appropriate invectives, especially during a time of low interest rates and a volatile share market,” Mr Cunningham said.
In the Hunter, availability slipped by 0.4 per cent to 3.1 per cent, led by a 0.4 per cent decline in Newcastle, at 2.7 per cent.
The Illawarra was a mixed bag with a 0.1 per cent increase, despite a 0.3 per cent decrease in availability in Wollongong at 1.8 per cent.
In regional areas, a slip of 0.2 per cent saw Murrumbidgee with the lowest availability at 1.8 per cent, and Albury dropped 0.4 per cent to 1.9 per cent.
Coffs Harbour rose by 0.7 per cent to 4.1 per cent and the south eastern region jumped 0.4 per cent to 4.8 per cent, the highest in the state. Northern Rivers also added 0.4 per cent at 2.7 per cent, and the Central Coast gained 0.3 per cent to 2.7 per cent.