STRICT EMBARGO – 1201AM AEST FRIDAY 23rd JANUARY 2009
Rental vacancies end the year steady in Sydney but
increase in Newcastle and Wollongong
23 January 2009
Rental vacancies remain tight but steady in Sydney according to the latest data released by
REINSW today.
Whilst the percentage of available properties in Sydney remained unchanged at the end of
2008, there were significant increases recorded in both Newcastle and Wollongong.
“Unfortunately the rental picture in Sydney remained gloomy at the end of 2008,” said
REINSW President Steve Martin.
“For December the available rental vacancy rate rose just 0.1% to 1.4%, which means the
market remains very tight in Sydney.
“Sydney’s middle suburbs faired better with a 0.3% increase to 1.5% for the month of
December, whilst outer suburbs recorded a 0.1% increase to 1.4%. There was no change in
the rental vacancy rate for inner suburbs, which remained at 1.3%.
“The news was slightly better in Wollongong and Newcastle with both cities recording good
increases in available properties at the end of 2008.
“Newcastle recorded a 0.4% increase to end the year at 2.1%, which is the highest result
recorded since May 2008.
“Meanwhile Wollongong recorded its highest result since August 2007, rising 1.1% in
December to 3.0%.
“Newcastle and Wollongong are starting 2009 in a good position especially as demand
begins to grow as university students begin to look for rental accommodation for the new
academic year,” said Mr. Martin.
“We are clearly not seeing any return to the Sydney property market by investors despite
the historic low interest rates now on offer.
“The fact is that market conditions are almost perfect for investors thinking about residential
and commercial property.
“It is only a matter of time before we start to see investors coming back into the property
sector in strong numbers, similar to the influx of first home buyers witnessed in recent
months.
“Once investors are back in the property sector, we will start to see an easing in the current
tight rental market”, said Mr. Martin.
Please direct media enquiries to Julian Brophy on 0408 276 749.
2
December
2008
November
2008
October
2008
September
2008
SYDNEY
1.4%
1.3%
1.1%
1.2%
Inner (0-10km from CBD)
1.3%
1.3%
1.1%
1.5%
Middle (10-25km)
1.5%
1.2%
1.1%
1.1%
Outer (>25km)
1.4%
1.3%
1.0%
1.1%
HUNTER
1.7
1.8
1.5
1.8
Newcastle
2.1
1.7
1.6
1.6
Other
1.4
1.8
1.4
2.1
ILLAWARRA
2.9
2.1
2.1
1.8
Wollongong
3.0
1.9
2.2
1.4
Other
2.9
0.7
1.9
2.4
Central Coast
2.0
2.2
2.2
3.0
Albury
3.1
3.7
3.4
3.0
Central West
3.6
4.2
4.7
4.4
Coffs Harbour
3.5
4.0
2.9
4.1
Mid-North Coast
2.0
1.9
2.7
2.4
New England
2.6
2.2
3.9
4.1
Northern Rivers
1.8
1.8
2.8
1.9
Orana
3.3
3.4
3.6
2.6
Riverina
3.1
1.9
2.6
2.7
South Coast
2.5
2.5
3.4
4.1
South Eastern
2.3
1.1
2.5
3.7
NEWS 
