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NSW property vacancies rise in June

Wed July 11, 2012 10:26am

RENTERS in NSW's major metropolitan centres were seeing more choices in where to hang their hat in June, with data showing more vacant properties hitting the market.

Last month's data, released by the Real Estate Institute of NSW (REINSW) on Wednesday, found that vacancy rates were generally up across the state since May.

For hopeful Sydney tenants there was a rise of 0.2 per cent to 1.8 per cent in the CBD and an increase of 0.1 per cent to 1.8 per cent in suburbs up to 25 kilometres from the CBD.

But in the outer suburbs (those that are more than 25km form the city centre) the availability of rental properties was actually down by 0.1 per cent to 1.8 per cent.

Newcastle also experienced a very modest increase in vacancies, rising by 0.1 to 1.7 per cent, while the Central Coast witnessed a small rise of 0.2 to 1.8 per cent.

"June did prove a good month for those looking to rent a property with some strong increases recorded in available properties towards the end of the financial year," REINSW president Christian Payne said in a statement.

"Nowhere is this more the case than in Wollongong which now offers prospective tenants a wide choice of available property."

In the Illawarra centre vacancies hit 3.2 per cent - an increase of 0.4 per cent from May.

That was up from 1.3 per cent in July last year.

Mr Payne said it was too early to be thanking the state government's housing initiatives, announced in the budget in June, which included a New Home Grant of $5000 to people buying new properties up to $650,000 and an increase of the First Home Owners Grant from $7000 to $15,000 for new properties from October 1.

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