Opportunities for investment as Sydney vacancy rates drop
Property investment has always been a great way to help supplement an individual's income, with a number of benefits coming from the development and growth of a broad, varied property portfolio.
There are a number of factors that can hint at a great opportunity for investment in real estate, with one of the main ones being a low vacancy rate for rental properties in an area. This means that there aren't enough homes for the number of accommodation seekers in the region.
The latest Vacancy Rate Survey from the Real Estate Institute of New South Wales (REINSW) has highlighted the shrinking vacancy rate in Sydney, which now rests at a level last seen back in March 2012.
This release has detailed that the overall availability of residential rental accommodation in the New South Wales capital has dropped by 0.1 percentage points to 1.6 per cent.
REINSW President Malcolm Gunning said the end of 2013 has seen a gradual reduction in vacancy rates. This has placed pressure on tenants looking into securing a new home for the holiday season.
He went on to say that his was a "grave concern" for the industry, with the rising population and lack of new housing developments across the city hindering the overall growth of available properties for people to occupy.
There were varying degrees of vacancy rate reduction during November, with the most affected area being the outer suburbs of the city. Areas such as Blacktown, Camden, Fairfield, Gosford, Liverpool and the surrounding suburbs fell by 0.4 percentage points to a low of 1.3 per cent.
Furthermore, the inner suburbs - including Botany Bay, Leichhardt, Mosman, and Randwick - all fell by 0.1 percentage points to the low of 1.6 per cent.
However, Sydney's middle suburbs such as Bankstown, Canada Bay, Rockdale and Strathfield saw their vacancy rates rise by 0.2 per cent to 1.8 per cent.
Regional New South Wales was the place to be for tenants looking for a rental property, with a number of areas experiencing stable or rising vacancy rates during October.
For example, the highest vacancy rates in the state were recorded in the Central West and South Eastern regions of the state, which stayed steady at 4.1 per cent and 4 per cent respectively.
Now could be the perfect time to invest in rental property in Sydney and secure your place prior to the expected Sydney population boom in the coming years.