Rental vacancies stagnating across Sydney; falling in Newcastle and WollongongWednesday, April 01, 2009 The latest data released by REINSW for February 2009 show a slight drop in the overall percentage of rental vacancies, down 0.1% to 1.3%. The single largest fall in metropolitan Sydney was recorded in suburbs 25 kilometres or more form the CBD, which fell 0.6% to 1.1%, wiping out all gains recorded in January. "These are disappointing results, we would have anticipated some improvement as a result of the increase in first home buyers,” said REINSW President Steve Martin. “What is clear is that for sustained growth in the rental market to occur, we are going to need to remove the disincentives and provide encouragement to get investors back into this crucial market. “The Federal Government has done a significant amount in terms of stimulating first home buyers, it is now up to the NSW Government to at least remove the disincentives, particularly in the areas of stamp duty and land tax. “Even discounting or waiving some of these taxes for a limited period would provide significant encouragement to investors who are on the sidelines,” said Mr Martin. Inner and middle suburbs of Sydney remained unchanged at 1.3%, whilst outer suburbs recorded a 0.6% drop to 1.1%. The Hunter rental vacancies dropped 0.3% to 1.7%, with vacancies in Newcastle sliding 0.9% to 1.3% which is the lowest level since March 2008. In the Illawarra, overall vacancies fell 0.7% to 1.9% whilst in Wollongong, the percentage of available properties dropped 0.9% to 1.5% which is the lowest results since September 2008. “It is clear that more needs to be done to get investors back into the market in order for any real and sustained growth to occur in the rental sector. “Now is the time for the NSW Government to act and deliver investors some positive news in the upcoming State Budget,” said Mr Martin. Residential vacancy rates in NSW:
- REI NSW |
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