Tenants who are interested in renting property in Wollongong and the Illawarra may be heartened that vacancy rates have lifted slightly in the past month – although rates across NSW as a whole are still relatively tight.
According to the latest figures from the Real Estate Institute of New South Wales (REINSW) – which represent the month of October – the current vacancy rate for rental property in Wollongong is 2.6 per cent, and across the Illawarra region as a whole, the vacancy rate is 2.4 per cent.
This largely corrects the very tight rental market recorded in the region in September 2012, when the Wollongong vacancy rate stood at 2.1 per cent and the Illawarra saw a rate of 1.7 per cent.
Tenants are likely to have more luck finding a property in Wollongong than they would in inner Sydney, according to the REINSW figures, which showed that the vacancy rate for rental properties located within 10km of the Sydney CBD has fallen to 1.6 per cent.
The Illawarra also tends to be faring better than Newcastle, the Hunter Valley and the Central Coast – all of which have recorded vacancy rates of less than two per cent.
According to REINSW president Christian Payne, the government should take immediate action to encourage more property investment across the state to ease tight vacancy rates.
Whether you're thinking about renting a property in Wollongong or you are keen to explore your rental options in the Illawarra region, a trusted local real estate agency can help you find exactly what you are looking for.
MMJ Real Estate have been operating in the Wollongong area for more than 50 years and as experts in the local property market, we are perfectly positioned to help you locate a property that suits your needs.
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