Sydney Vacancy Rates Drop During November
Vacancy rates in Sydney have dropped to the lowest point since March 2012.
The latest Vacancy Rate Survey released by the Real Estate Institute of New South Wales (REINSW) has shown that the availability of residential properties for tenants in Sydney dropped by 0.1 of a percentage point down to 1.6 per cent.
REINSW President Malcolm Gunning said the later half of 2013 has seen these rates steadily declining in Sydney, which could cause complications for potential tenants trying to secure accommodation heading into the holiday period.
The outer suburbs of Sydney, such as Blacktown, Liverpool and Sutherland, suffered the largest decline, falling by 0.4 percentage points to a low 1.3 per cent.
Furthermore, the inner city suburbs like Ashfield, Leichhardt and Randwick dropped by 0.1 percentage points down to 1.6 per cent. However, the middle suburbs of Sydney underwent an improvement – rising by 0.2 percentage points up to 1.8 per cent.
“It is difficult for people to find housing and this is of grave concern. The rising population and lack of new housing developments is fueling this shortage,” said Mr Gunning in a December 16 statement.
The easiest places to find rental properties in New South Wales can be found in the regional areas, with both the Central West and South Eastern regions posting high vacancy rates – sitting at 4.1 per cent and 4 per cent, respectively.
This could present a fantastic chance for anyone consider expanding their property portfolio to secure real estate and offer these properties as rental options to those looking for accommodation.
With the population of Sydney expected to grow rapidly in the coming years, getting into the market at this point could be a great way for investors to earn rental yields and generate wealth.