Rental demand surges in Sydney
Property investors with stakes in Sydney real estate may welcome figures that indicate demand is growing for rentals in the Harbour City.
According to the Real Estate Institute of New South Wales (REINSW), vacancy rates fell 0.1 per cent to 1.8 per cent in November.
Sydney's outer suburbs saw the greatest rise in demand, with vacancy rates dropping 0.6 per cent to 1.6 per cent.
In comparison, the middle suburbs remained stable at 2.1 per cent and the inner-city areas increased by 0.1 per cent to 1.7 per cent.
REINSW president Christian Payne commented on the results: "Since August 2012, the vacancy rate in the outer suburbs of Sydney has fallen from a high of 3.1 per cent to 1.6 per cent, a level last seen in March 2012, when the vacancy rate was 1.5 per cent.
"The reduction in interest rates by the Reserve Bank of Australia at their board meeting in December is likely to help stimulate investment in the residential property market. This should have a flow on effect in 2013."
While the results aren't likely to be welcomed by those looking for rental properties in Sydney, owners looking to lease real estate in the city will find the data encouraging, with it potentially meaning higher returns.