If you're looking to buy a house in Australia to rent out, understanding local vacancy rate statistics is vital. After all, the lower the vacancy rate, the easier it will be to turn your investment into a cashflow positive property.
The April 2014 Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey shows the number of homes for rent in Sydney increased slightly during the month, although the rise was not felt the same all over the city.
Even while overall vacancy increased, some areas were highlighted as experiencing considerable falls in available properties.
"It is important for new Premier Mike Baird to take a holistic approach to the housing issues facing the state," REINSW President Malcolm Gunning said.
"It is not isolated to Sydney."
However, Mr Gunning went on to point out that inner Sydney vacancy rates remain the tightest, even in the face of a 0.3 per cent increase, bringing the vacancy rate to 1.6 per cent.
This data shows that scooping up rental properties in these areas could be a smart investment decision.
Meanwhile, the middle Sydney vacancy rate increased 0.4 per cent, bringing it to 2 per cent. Outer Sydney saw a smaller rise (0.2 per cent), bringing availability in the region to 1.7 per cent.
With inventory so tight in some areas, finding the right rental property to invest in could prove difficult. Fortunately, working with a qualified buying agent can help streamline the process.
These professionals can use their expert knowledge of the local area to provide you with valuable insight into the property market, as well as work on your behalf to secure the right home for your investment goals.