The availability of residential rental properties in inner Sydney declined in April to 1.7 percent, according to the latest data from the April 2015 Vacancy Rate Survey released by the Real Estate Institute of New South Wales.
Despite this shortage in the inner city, which includes the local government areas of Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra, the number of properties available to rent in outer Sydney, Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong, increased from 1.7 per cent to 2.0 per cent.
Middle Sydney, which covers Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby council areas, slipped from 2.3 per cent to 2.1 per cent.
“Inner Sydney vacancy rates peaked in February at 2.4 per cent and we are likely to see stock levels rise again as more new apartments near completion in the coming months," said Malcolm Gunning, REINSW President. "This will see vacancy rates start to trend upwards again which will provide a wider selection for those looking to rent."
In regional areas, availability increased in the Hunter and Illawarra regions, boosted by Newcastle and Wollongong, as well as Coffs Harbour. The hardest places to find rental accommodation was the Northern Rivers and New England.