New South Wales rental market tightens
The tightening rental property sector in Wollongong is good news for homeowners, with increasing consumer demand seeing dwellings move quickly off the market.
According to figures from the Real Estate Institute of New South Wales (REINSW), vacancy rates have plunged from 3.4 per cent in August to 2.1 per cent - the lowest level since last December.
While the figures aren't in favour of renters, investors with rental properties in the NSW city can expect high returns as the market becomes more competitive.
"As anticipated the recent increases in available accommodation have corrected and we are back to the tight levels prospective tenants have had to endure over recent years," REINSW president Christian Payne explained.
"Properties that are priced correctly appear to be moving very quickly and with high demand."
Rental vacancy rates remained stable in Newcastle at 1.4 per cent, while the Central Coast slipped to two per cent.
Sydney vacancy rates fell slightly to 2.5 per cent, with the city's middle suburbs rental availability falling to 2.8 per cent and the outer areas dropping to three per cent.
Murrumbidgee has the tightest rental market across the state, with the availability of rentals dropping by 0.2 per cent to 0.8 per cent.