This article is from the Australian Property Journal archive
THE Sydney residential rental market has contracted for a third consecutive month, according to the Real Estate Institute of New South Wales.
The April 2013 REINSW Vacancy Rate Survey saw the Sydney metropolitan area at 1.7%, a decline of 0.1% in availability from March.
• Inner suburbs (0-10km from CBD) down 0.1% at 1.6%
• Middle suburbs (10-25km from CBD) down 0.1% at 1.9%
• Outer suburbs (more than 25km from CBD) down 0.1% at 1.7%
REINSW president Christian Payne said it is time for the NSW government to recognise the supply issues caused by a lack of incentives to invest in the property market.
“The decision by the RBA to cut interest rates must be supported by appropriate incentives to invest in the property market, including cuts to transfer stamp duty rates in the state budget on 18 June 2013,” he added.
Across the state, the Illawarra contracted 0.4% to 1.8%, led by a decline of 0.4% in Wollongong at 1.9%. The Central Coast saw a fall of 0.5% at 1.9% and the Northern Rivers region dropped 0.6% at 2.1%.
Orana, which includes the major centres of Dubbo, Cobar and Mudgee, was the most difficult place to find rental accommodation for a fourth month in a row. A decline of 0.2% saw it with a vacancy rate of 1.4%.
Coffs Harbour was again the easiest place to find rental accommodation despite a decline of 0.2% to 4.1%.
The Hunter region saw an increase of 0.2% to 2.6%, despite a fall of 0.2% in Newcastle to 1.9%.
The Mid North Coast’s vacancy rate jumped 0.7% to 3.0% and Albury rose 0.5% to 2.2%.
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