Good news for buyers considering real estate in Carlton and surrounding suburbs – vacancy rates in the Sydney metropolitan area fell 0.1 per cent during November, according to the Real Estate Institute of New South Wales (REINSW).
"The latter part of 2013 has seen Sydney rates steadily declining, which is not good news for tenants looking to secure a property heading into the holiday period," REINSW President Malcolm Gunning said in a December 16 media release.
"It is difficult for people to find housing and this is of grave concern. The rising population and lack of new housing developments is fueling this shortage."
While bad news for apartment hunters, this creates very favourable conditions for owners of property in Carlton and beyond, as lower vacancy rates translate to high demand and the chance for higher rental income.
REINSW reported in its November vacancy rate survey that rates fell in both the inner and outer suburbs of Sydney.
The inner suburbs experienced a decline of 0.1 per cent, falling to 1.6 per cent. The outer suburbs saw a drop of 0.4 per cent, falling to 1.3 per cent.