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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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: Facebook, Twitter 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!
RELATED AREAS OF INTEREST:
Do this one thing before you invest in a commercial SMSF property
Why is investing in commercial property in an SMSF so popular?
Premium property declines while affordable properties on the rise
AREAS MENTIONED:
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RELATED AREAS OF INTEREST:
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Property market update: Sydney, July 2018
Sydney rental market slowing, latest research finds
AREAS MENTIONED:
Revesby
South Hurstville
Sans Souci
Strathfield
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RELATED AREAS OF INTEREST:
What makes a good investment suburb?
Two components of good investment research
How Greta purchased four properties in a year
AREAS MENTIONED:
Redcliffe
Port Macquarie
Loganlea
Launceston
Raceview
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