'More rental property available' in Sydney
There was a rise in the availability of rental properties in Sydney last month, new statistics have shown.
Data from the Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey revealed a 0.1 per cent climb in rental property availability in December when compared with November.
Vacant residences made up 1.9 per cent of the market overall, with increases seen across the entire city's metropolitan area.
REINSW president Christian Payne said some suburbs had not seen this level of improvement in over two years, although he admitted there is a seasonal factor.
He remarked: "Traditionally, January and February are peak periods for change all over the state as school leavers, university students and people moving jobs settle into new properties."
Availability in the inner suburbs, which includes all areas within ten kilometres of the CBD, was up 0.1 per cent to 1.8 per cent, while vacancies in the middle suburbs (between ten and 25 km from the CBD) jumped 0.2 per cent to 2.3 per cent.
Locations more than 25 kilometres from the main business district also saw a 0.2 per cent increase, edging forward to 1.8 per cent.
However, Mr Payne claimed these figures could be set to shift soon, as rising populations and a lack of housing cause supply shortages take effect.