Sydney vacancy rates plummet
The Sydney rental market is now more competitive than ever, with recent data showing vacancy rates dropped by 0.6 per cent in October to 1.9 per cent.
While the figures are unlikely to be welcomed by those looking for rentals in the Harbour City, property investors with leased real estate are likely to see an increase in demand, which may mean higher returns.
According to the October 2012 Real Estate Institute of NSW (REINSW) Vacancy Rate Survey, availability in Sydney's inner-city suburbs fell 0.3 per cent to 1.6 per cent.
"Despite the centre increases in some areas, tenants will find it difficult to secure a property in the foreseeable future," REINSW president Christian Payne remarked.
Demand remained strong in other areas of Sydney, with the middle suburbs recording a drop of 0.7 per cent to 2.1 per cent, while the outer postcodes plunged 0.8 per cent to 2.2 per cent.
Outside of Sydney, availability increased, with Wollongong seeing a 0.7 per cent increase to 2.4 per cent, and Newcastle increasing 0.2 per cent to 1.6 per cent.
For those on the hunt for rental properties, Coffs Harbour boasts the highest vacancy rates in the state, with October seeing availability decrease by 0.1 per cent to 3.6 per cent.