Sydney rental market eases in Dec.

SYDNEY, Jan. 21 (Xinhua) -- The Sydney rental market eased in December 2012 with rental vacancy rate edging up to 1.9 percent, according to data released on Monday by the Real Estate Institute of New South Wales (REINSW).

The REINSW vacancy rate survey showed an increase in rental accommodation right across the Sydney metro area.

The vacancy rate in the state's Hunter region hit a two-year high of 2.1 percent in December.

However, REINSW President Christian Payne said the higher vacancy rates were unlikely to last.

"Traditionally January and February are peak periods for change all over the state as school leavers, university students and people moving jobs settle into new properties," Payne said.

"In 2013 we expect the vacancy rate to quickly reduce back to the tight levels seen in 2012 due to the rising population and lack of new housing developments."

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