The rental property market in Sydney has stagnated, the Real Estate Institute of NSW (REINSW) says.

Figures published on Tuesday show the number of vacant rental properties across the city and in Newcastle remained stable at 1.3 per cent in September despite incentives designed to encourage people to buy homes.

The number of vacant rental properties in Sydney’s inner suburbs fell only very slightly to 1.4 per cent while the number in outer suburbs rose by 0.1 per cent to one per cent.

In the Hunter Valley rental vacancies fell 0.1 per cent to 1.5 per cent.

In the Illawarra, overall vacancies rose 0.4 per cent to 1.7 per cent while in Wollongong, the percentage of available properties increased 0.3 per cent to 1.6 per cent.
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NSW real estate agents have called on the state government to cut taxes to kick start the property sector after building approvals in the state failed keep up with much of the country.

The latest Australian Bureau of Statistics (ABS) data shows national building approvals for June rose nationally by 9.3 per cent - but in NSW, the increase was just 3.4 per cent.

The Real Estate Institute of NSW (REINSW) says local building approvals are well behind Western Australia, Victoria and South Australia.
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Rental vacancy rates across NSW have dropped even further with Sydney recording its lowest rate in 12 months, Real Estate Institute figures show.

The Hunter, Central Coast, Sydney and the Illawarra have fewer rental properties available, new monthly figures from the Real Estate Institute of New South Wales (REINSW) show.

Sydney’s vacancy rate plunged 50 basis points from 1.5 per cent in April to 1.0 per cent in May.
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photo credit: aussiegallRental vacancies in Sydney are at their highest level in two years, the Real Estate Institute of NSW says.

Institute president Steve Martin says the percentage of available rental properties has jumped to 1.5 per cent for April, an increase of 0.3 per cent compared to the previous month’s result.

“The results for Sydney are encouraging and I think we are now starting to see the effect of the low interest rate environment,” he said.

“The first home buyers boost is resulting in many people buying their own home and consequently freeing up rental stock.

“These are tentative steps. However, they are clearly helping ease the tight rental market witnessed through most of 2008.”
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