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Sydney Rental Market continues to tighten

12 April 2013. The squeeze on the Sydney residential rental market has continued, according to data released by the Real Estate Institute of New South Wales.

The March 2013 REINSW Vacancy Rate Survey saw the Sydney metropolitan area at 1.8 per cent, a decline of 0.1 per cent in availability, led by the inner suburbs.

• Inner suburbs (0-10km from CBD) contracted 0.3 per cent to 1.7 per cent
• Middle suburbs (10-25km from CBD) were steady at 2.0 per cent
• Outer suburbs (more than 25km from CBD) steady at 1.8 per cent

“The Sydney residential rental market is under a great deal of pressure,” REINSW President Christian Payne said.

“The metropolitan market has tightened for the second month in a row and brings us back to November 2012 levels,” Mr Payne said.

The Illawarra retracted 0.1 per cent to 2.2 per cent, led by a decline of 0.4 per cent in Wollongong at 2.3 per cent, while the Hunter region was up 0.1 per cent, despite a drop of 0.4 per cent in Newcastle at 2.1 per cent.

“Looking across the state, Orana which includes the major centres of Dubbo, Cobar and Mudgee, was the most difficult place to find rental accommodation for a third month in a row. This was despite a rise of 0.5 per cent to 1.6 per cent,” Mr Payne said.

“The Central Coast availability jumped 0.5 per cent to 2.4 per cent, and Coffs Harbour was again the easiest place to find rental accommodation with a rise of 0.4 per cent to 4.3 per cent,” Mr Payne said.

Northern Rivers and Mid-North Coast also saw rises of 0.4 per cent to 2.7 per cent and 2.3 per cent respectively.

New England bucked the trend with a fall of 0.8 per cent to 2.5 per cent, the Riverina declined 0.1 per cent to 3.4 per cent, while Albury’s availability increased 0.1 per cent to 1.7 per cent.