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Renters are feeling the squeeze as the Sydney residential rental market contracts for the third month in a row, new data shows.
Sydney residential vacancies have dropped to levels last seen 12 months ago, according to the ‘Real Estate Institute of New South Wales’ April Vacancy Rate Survey.
April’s vacancy rate for the Sydney metropolitan area was at 1.7 per cent, down 0.1 per cent.
“It is time for the NSW government to recognise the supply issues caused by a lack of incentives to invest in the property market,” said REINSW President Christian Payne in a statement.
He said June 18’s state budget had to support the RBA’s latest interest rate cut with incentives to invest in the property market, including cuts to transfer stamp duty rates.
The Illawarra, Central Coast and Northern Rivers regions also contracted, with an average vacancy rate of 1.9 per cent.
Orana, which includes the major centres of Dubbo, Cobar and Mudgee, was the most difficult place to find rental accommodation for a fourth month in a row.
A decline of 0.2 per cent saw it with a vacancy rate of 1.4 per cent.
Coffs Harbour was again the easiest place to find rental accommodation despite a decline of 0.2 per cent to 4.1 per cent.
The Hunter region saw an increase in vacancies of 0.2 per cent to 2.6 per cent, although vacancy rates in Newcastle fell 0.2 per cent to 1.9 per cent.
The Mid North Coast’s vacancy rate jumped 0.7 per cent to 3.0 per cent and Albury rose 0.5 per cent to 2.2 per cent.
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