Invest
NSW rental stock continues decline as Sydneysiders go west
The continuation of Sydneysiders leaving the big smoke for other parts of NSW has once again firmed up rental stock in certain areas, new research has found.
NSW rental stock continues decline as Sydneysiders go west
The continuation of Sydneysiders leaving the big smoke for other parts of NSW has once again firmed up rental stock in certain areas, new research has found.
The REINSW Vacancy Rate Survey results show that for the month of February 2021, vacancy rates across much of the state continued to remain tight as more look to take advantage of homes outside the Sydney market.
Rates in Albury dropped to 0.7 per cent, from 0.8 per cent in January, as did Central West at 0.8 per cent in February, from 0.9 in January. The Northern Rivers area also saw a drop to 0.6 per cent, from 1.4 per cent in January,
The Murrumbidgee and New England areas saw the biggest drops – to 0.9 per cent in February from 1.5 per cent in January, and 2.0 per cent in February from 2.7 per cent in January, respectively.
“Rates in the Albury, Central West, Murrumbidgee, New England, Northern Rivers and South East areas all dropped in February,” REINSW CEO Tim McKibbin said.
“Feedback from our members in these areas indicates that stock is extremely tight, as tenants continue to exit the Sydney residential rental market to secure a property that suits both their budget and desired lifestyle.”
On the opposite side of the scale, vacancy rates in the Central Coast, Coffs Harbour and Riverina areas remained stable across the month of February. Meanwhile, the Mid North Coast, Orana and South Coast areas each experienced a slight uptick in the availability of rental accommodation.
When it comes to the state’s capital, vacancies for Sydney now sit at 3.1 per cent overall.
“Sydney’s Inner Ring dropped to 3.7 per cent, a decrease of 1.1 per cent for the month,” Mr McKibbin said.
“Similarly, the Outer Ring dropped by 0.6 per cent to 1.9 per cent.
“Bucking the trend, the Middle Ring remained relatively stable, experiencing only a slight 0.1 per cent rise to 4.3 per cent.
“Some of this downward movement may be due to families making decisions to move ahead of the start of the new school year and university students converging on the city for another year of study.
“However, if the last 12 months have taught us anything, it’s that the residential rental market remains unpredictable, moving up and down month after month.”
RELATED ARTICLES
Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more
Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more
Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more
Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more
Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more
Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more
Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more
Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more
Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
