Finance advice

Vacancy rates rise across NSW

By Reporter

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.”

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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Gavin will share his thoughts on the current property market, reveal the people who he has leaned on throughout his property journey and discuss why his strategy employs a zero procrastination rule.

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A joint property portfolio before they were even living together

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