Vacancy Rates Tighten Across The Sydney
Owners of investment property in Sydney could be excited to hear that vacancy rates in the city have dropped by 0.3 per cent, with the market tightening for the second consecutive month.
The September 2013 Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey detailed that the city dropped by to a vacancy rate of 1.7 per cent. However, there were variations between the various suburb locations within the New South Wales capital.
For example, inner suburbs located within 10 kilometres of Sydney’s central business district fell 0.6 per cent to rest on a low 1.6 per cent.
Moving outward, the middle suburbs (between 10 and 25 kilometres from the CBD) remained steady at 1.8 per cent, while the outer suburbs (more than 25 kilometres from the CBD) fell by 0.3 per cent, and now rest at 1.5 per cent.
REINSW Deputy President Malcolm Gunning said that these vacancy rate drops saw them reaching six month lows, which could be fantastic news for anyone who owns rental properties in the city – or anyone planning on making an investment in the market.
“September is a busy time for the rental market and unfortunately it is no surprise that people are finding it more difficult to find accommodation,” said Mr Gunning in an October 18 statement.
Taking advantage of the low interest rates to purchase investment property could be a fantastic idea for your future – especially with the projected population increases expected in Sydney in the coming years.
This could lead to a further tightening of the rental market, as more people begin to populate the city and seek accommodation. Securing property now could put you in a prime position to reap the rewards of a smart investment in the coming years.