Rental property vacancies stable in NSW suburbs
The mainstay of the NSW property market, Sydney has a large influence on the residential real estate industry across the rest of the state.
In particular, the amount of rental vacancies can have a marked impact on the perceived value of apartments, units and houses to potential investors.
With this in mind, the Real Estate Institute of NSW has revealed that a number of urban and suburban centres that are outside the 25 kilometres radius from the CBD have had their remain steady or improve over the March quarter.
According to REINSW president Christian Payne, civic hubs such as Newcastle and Wollongong are experiencing more stable rental markets - 1.6 per cent and three per cent accordingly - than is currently the case in the state capital.
"In the case of Sydney, vacancies have now fallen again for the second consecutive month, continuing to stagnate below two per cent for the last 12 months," said Mr Payne.
"Overall the figures confirm that the rental market across the state is far from consistent and that conditions change significantly depending on where people are looking for accommodation."