Sydney's highest vacancy rate for six years.

[MARYROSE02]

Finding a home to rent is Sydney has become a lot easier but vacancy rates have decreased in other parts of the state, a survey shows.

The survey, released by the Real Estate Institute of NSW (REINSW) on Saturday, said rental property vacancy has soared to its highest level in six years in Sydney but has slumped in Wollongong, the Hunter, the Illawarra and the Central Coast.

Availability in Sydney's inner suburbs rose to two per cent, the middle suburbs rose 0.5 per cent to 2.3 per cent and in the outer suburbs vacancy rates are at 2.2 per cent, the REINSW said.

Property vacancies in Newcastle also saw a minor rise to 1.8 per cent.

"This is a significant improvement in the rental market for Sydney and translates into more choice for prospective tenants", REINSW president Christian Payne said in a statement.

"This is the first time since August 2006 that the average vacancy rate for the entire city has exceeded two per cent."

But Mr Payne said more data was needed to accurately asses the rental property situation.

"Whilst these results are cause for optimism, the reality is that we need to see a pattern of sustained high figures over some months before we can say with any confidence that rental supply has eased," he said.

Wollongong recorded the biggest decrease in availability, down 0.7 per cent to 2.5 per cent.

Minor dips of 0.1 per cent were found in the Hunter, down to 1.8 per cent, Illawarra down to 2.3 per cent and the Central Coast's available rentals stand at 2.7 per cent.

[flag of convenience]

That being the case let's hope it is the start of a return to sanity around the country. Let's have a 25% property price correction now. I'll wear the loss.

[MARYROSE02]

That being the case let's hope it is the start of a return to sanity around the country. Let's have a 25% property price correction now. I'll wear the loss.

 

Sacrilege!