5 MIN READ5 reasons why young investors should bet on property for wealth building
Despite headlines filled with doom-and-gloom predictions about where the real estate market is heading, this expert beli...
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An increase in rental accommodation across the Sydney metro area has seen the overall vacancy rate rise by 0.1 per cent to 1.9 per cent, according to the Real Estate Institute of New South Wales (REINSW).
The December 2012 REINSW Vacancy Rate Survey found the following increases:
• Inner suburbs (0-10km from CBD) increased 0.1 to 1.8 per cent
• Middle suburbs (10-25km from CBD) increased 0.2 to 2.3 per cent
• Outer suburbs (more than 25km from CBD) increased 0.2 to 1.8 per cent
Vacancy rates have also increased across the state, particularly in the Hunter region where rates rose to 2.1 per cent – a number that REINSW president, Christian Payne, says the region has not seen in almost two years.
Rates have also risen in Newcastle, Coffs Harbour and Albury.
However, Mr Payne says, these increases are unlikely to last.
“Traditionally, January and February are peak periods for change as school leavers, university students and people moving jobs settle into new properties,” he says.
“In 2013 we expect the vacancy rate to quickly reduce back to the tight levels seen in 2012 due to the rising population and lack of new housing developments.”
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.
A vacancy is a term that describes an unoccupied or empty space.
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