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Sydney’s renters feeling the pressure
July 26, 2013
The pressure on Sydney’s rental market does not appear to be easing, according to the latest data released by the Real Estate Institute of New South Wales (REINSW). The data indicates that Sydney’s residential rental market continues to be tight, with the 2013 REINSW Vacancy Rate Survey revealing no change in the number of vacancies in the Sydney metropolitan area.
Vacancy rate remains at 2.1%
According to the REINSW data, Sydney’s metropolitan area vacancy rate has remained at 2.1% despite a third increase in a row of availability in the inner suburbs:
- Inner suburbs (0-10km from CBD) up 0.3 per cent to 2.2 per cent
- Middle suburbs (10-25km from CBD) remained at 1.9 per cent
- Outer suburbs (more than 25km from CBD) down 0.2 per cent at 2.1 per cent
Christian Payne, REINSW President stated that “The rise in the inner suburbs and the decline in vacancy rates in the outer suburbs have cancelled each other out during the month of June, leaving availability at 2.1 per cent across the Sydney metro area.”
“While we are pleased that vacancy rates have not declined, we were hoping for a continued increase in availability in what is still a very tight market.”
Median rents on the rise
Renters are continuing to feel the pressure of increasing rents in Sydney’s housing and apartment/unit markets.
Looking back to the March quarter, data released by the Real Estate Institute of Australia (REIA), showed that the median weekly rent for a Sydney three bedroom house was $430. This represents an increase of 2.4% compared to same period in 2012.
The median rent for a two bedroom ‘other dwelling’ (includes apartments, units etc) was $470 per week, which represented an increase of 4.4% compared to the March quarter in 2012.