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Property Management – Vacancy rates weaken

By Lachelle Ferguson

The residential vacancy rate has weakened across New South Wales, according to the latest data from the Real Estate Institute of New South Wales (REINSW).

The August 2013 REINSW Vacancy Rate Survey has revealed the availability of rental properties in the Sydney metropolitan area has fallen 0.2 per cent to 2.0 per cent.

Sydney’s inner suburbs have fallen 0.1 per cent to 2.4 per cent, the middle suburbs are down 0.2 per cent to 1.8 per cent, and the outer suburbs are down 0.1 per cent to 1.8 per cent.

“All Sydney suburbs saw declines due to less stock being available to those seeking rental properties,” REINSW president Christian Payne said.

“This is cause for concern after increases in availability over the previous four months. Declines were also seen in most areas across the state,” Mr Payne said.

The Illawarra was the hardest hit, falling 0.7 per cent to 2.1 per cent across the region. Wollongong saw a drop of 0.7 per cent to 2.5 per cent. The South Coast was also down 0.7 per cent to 2.5 per cent.

The Hunter slipped 0.3 per cent to 3.0 per cent, despite a rise of 0.2 per cent in Newcastle to 2.6 per cent. Albury and New England also bucked the trend with an increase of 0.5 per cent to 1.9 per cent and 0.2 per cent to 2.9 per cent respectively.

The Central Coast fell 0.3 per cent to 2.3 per cent, while the Northern Rivers was down 0.3 per cent to 2.8 per cent and Orana saw a vacancy rate of just 1.0 per cent after a drop of 0.3 per cent.

Coffs Harbour continued to be the easiest place in which to find rental accommodation despite slipping 0.1 per cent to 3.6 per cent.

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