The number of residential rental properties available in one capital city has remained steady overall, despite declines in the inner city.
The November 2014 Real Estate Institute of NSW Vacancy Rate Survey saw the number of available properties in Sydney at 1.7 per cent.
“Availability in inner Sydney fell 0.1 per cent at 1.5 per cent, while outer Sydney vacancy rates increased 0.3 per cent at 1.7 per cent and middle Sydney fell 0.2 per cent at 2.0 per cent,” REINSW president Malcolm Gunning said.
“Declines in inner and middle Sydney were levelled out by the increase in the outer areas.
“The lows in inner Sydney have not been seen since February 2013. It is a third month in a row that vacancy rates have been stable at 1.7 per cent,” he added.
Mr Gunning said the current vacancy rates show that supply is not meeting demand as parity is generally recognised as being 2.0 per cent.
“Therefore we question the Australian Prudential Regulation Authority’s (APRA) concerns and recommendations for banks to tighten their lending criteria to investors,” he said.
Newcastle saw a drop of 0.9 per cent to 1.8 per cent, while overall the Hunter region remained steady at 3.4 per cent, levelled out by “other areas”, up 0.3 per cent at 4.2 per cent.
Vacancy rates in the Illawarra were down 2.0 per cent to 1.7 per cent. Wollongong was up 0.1 per cent to 2.3 per cent.
In regional areas, the Northern Rivers was the hardest place to find rental accommodation at 1.0 per cent, down 1.2 per cent and Murrumbidgee was up 0.2 per cent to 1.5 per cent.
New England was up 0.8 per cent to 3.7 per cent, Albury was up 0.3 per cent to 2.2 per cent and South Eastern rose 1.6 per cent to 5.0 per cent.
Coffs Harbour dropped 1.0 per cent to 2.0 per cent and South Coast fell 0.1 per cent to 2.7 per cent.