After a brief reprieve last month, the latest REINSW Vacancy Rate Survey results show that residential vacancies in Sydney have once again taken a dive.
“The vacancy rate for Sydney overall dropped by 0.3% for the month to be just 1.7%,” REINSW CEO Tim McKibbin said. “The drop is attributable to vacancies in the Inner Ring dropping by 0.7% to be 2.2% and brings the residential vacancy rate to its lowest level in almost five and a half years, when it sat at 1.7% in August 2017.
“This really is a historical low for Sydney and shows that the rental crisis has definitely taken hold.”
Areas outside the Inner Ring of Sydney fared better, with the Middle Ring of Sydney remaining stable at 1.4% and the Outer Ring rising by 0.1% to 1.6%.
Outside Sydney, vacancy rates in the Hunter decreased, while the Illawarra increased.
“In the Hunter region, the vacancy rate decreased by 0.1% to be 1.6%,” Mr McKibbin said. “The Illawarra region increased to 1.2% (+0.3%).”
Vacancy rates across regional New South Wales were a mixed bag, with some areas easing and others tightening.
“Vacancy rates for the Albury, Mid-North Coast, Murrumbidgee, Northern Rivers, Orana and South Coast areas all recorded increases,” Mr McKibbin said. “However, the Central Coast, Central West, New England, Riverina and South East areas each dropped.
“REINSW members are telling us that they’ve never experienced such a lack of supply. The shortage of stock is extreme and there’s no denying that the rental crisis is real.
“In the face of cost-of-living pressures, many tenants would embrace the opportunity to secure a more affordable rental property. However, despite rent increases, they’re choosing to stay put because they’re just not confident that they’ll be able to secure another property.
“It’s a very stressful time for tenants.”
To download the Media Release Click Here .
To view the July Survey Results Click Here.
For more information, please contact:
Media Officer | 0423 724080 | [email protected]
About REINSW
The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offer training and ongoing professional development. For more information, visit reinsw.com.au.
Residential vacancy rate percentage
The REINSW Residential Vacancy Rate Report is based on the proportion of unlet residential dwellings to the total rent roll of REINSW member agents on the 15th of each month. Carried out monthly, the research – a survey of REINSW member agents conducted by Survey Matters – collects the total properties on agency rent rolls, the number of properties that were vacant on the 15th of the month, and the postcode in which a majority of agents’ rental properties are located. The suburb-level rates reported by agents are weighted based on ABS Census 2016 Dwelling Characteristics. The April 2022 report is based on survey responses covering 100,804 residential rental properties.