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By Terry Ryder, 17th November 2011
Vacancies in Sydney’s rental market remain tight, according to the latest rental data from the Real Estate Institute of NSW.
The overall vacancy rate for Sydney in October was unchanged at 1.4%.
Vacancy rates rose slightly in the Middle Suburbs (10-25km from CBD), up 0.2 to 1.6% and in the Outer Suburbs (more than 25 km from CBD) up 0.1 to 1.4%.
But vacancy rates fell 0.2% to 1.3% in Inner Suburbs (0-10km from CBD).
In metropolitan centres outside Sydney, the vacancy rate is 1.9% in Newcastle, 1.8% in Wollongong and 1.7% on the Central Coast.
REINSW president Wayne Stewart characterizes the overall rental vacancy outlook in NSW as “depressed" but I see it as opportunity for property investors.
Like so many in real estate, Stewart believes it’s up to government to take “immediate and sustained action to stimulate investment in the residential property market”.
But it’s not the job of government to build dwellings - it’s up to investors to take action. I would have thought vacancies not much above 1% (plus flat prices and a favourable interest rates climate) were all the stimulus anyone would need.
ENDS
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