Residential
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The market for real estate in Sydney has experienced a drop in vacancy rates, new research has revealed.
According to the Real Estate Institute of New South Wales (REINSW), the outer suburbs was largely responsible for rental property availability slumping 0.1 per cent in November to 1.8 per cent.
The area, which includes rental properties over 25 kilometres away from the CBD, saw a 0.6 per cent fall in vacancies down to 1.6 per cent.
Christian Payne, REINSW president, said the outer suburbs has been declining steadily since August when it stood at 3.1 per cent.
He claimed this is the first time since March earlier this year that availability has been so low, with rates reaching 1.5 per cent in that month.
"The reduction in interest rates by the Reserve Bank of Australia at their board meeting in December is likely to help stimulate investment in the residential property market. This should have a flow on effect in 2013," Mr Payne stated.
Elsewhere in the city, inner suburb vacancies rose slightly, edging forward 0.1 per cent to 1.7 per cent, while the middle suburbs - areas between ten and 25 kilometres from the CBD - stayed at 2.1 per cent.
