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Rental vacancy improvement will do little to turn around chronic housing shortage
13 May 2010
The latest REINSW rental vacancy data shows an improvement in Sydney and Newcastle however vacancy rates in the Illawarra have continued to decline.
The overall rental vacancy rate in Sydney rose 0.2 to 1.3% and in Newcastle increased 0.4 to 1.9%.
The rental position in Wollongong worsened with that city’s vacancy rate slipping below single digits to 0.9%.
“Despite the increases, the rental situation in much of New South Wales remains in crisis,” said REINSW President Wayne Stewart.
“Over the last 12 months, the vacancy rate in Sydney has only reached a high of 1.7% which is limiting choice for renters and pushing prices higher.
“There is ample evidence that the rental future for working families and frontline workers will remain grim unless there is significant and immediate intervention by the NSW Government.
“Despite the ongoing and chronic shortage of rental properties, we have seen no action from the Keneally Government to increase housing supply in any real sense.
“What NSW needs is a reduction in the bureaucratic red tape which slows the development of additional rental housing stock so badly needed by renters across the state.
“The Premier needs to understand that the private rental market requires significant incentives in order to turn this crisis around and we expect her to show some leadership in this critical area in the upcoming state budget,” said Mr. Stewart.
In April vacancy rates in Sydney’s:
- Inner Suburbs (0-10km from CBD) rose 0.2 to 1.3%
- Middle Suburbs (10-25km from CBD) rose 0.4 to 1.5%
- Outer Suburbs (more than 25km from CBD) rose 0.2 to 1.2%
The results for other key areas include:
- Newcastle rose 0.4 to 1.9%
- Hunter rose 0.3 to 1.7%
- Wollongong fell 0.2 to 0.9%
- Illawarra fell 0.2 to 1.0%
|
April 2010 |
March 2010 |
February 2010 |
January 2010 |
November 2009 |
October
2009 |
September
2009 |
| SYDNEY |
1.3 |
1.1 |
1.3 |
1.7 |
1.6% |
1.3% |
1.3% |
| Inner (0-10km from CBD) |
1.3 |
1.1 |
1.1 |
1.7 |
1.5 |
1.3 |
1.4 |
| Middle (10-25km) |
1.5 |
1.1 |
1.8 |
1.9 |
2.3 |
1.5 |
1.4 |
| Outer (>25km) |
1.2 |
1.0 |
1.3 |
1.4 |
1.1 |
1.0 |
1.0 |
| |
|
|
|
|
|
|
|
| HUNTER |
1.8 |
1.4 |
1.7 |
2.5 |
1.7 |
1.6 |
1.5 |
| Newcastle |
1.9 |
1.5 |
1.9 |
3.4 |
1.6 |
1.6 |
1.6 |
| Other |
1.7 |
1.4 |
1.5 |
1.5 |
1.6 |
1.5 |
1.4 |
| |
|
|
|
|
|
|
|
| ILLAWARRA |
0.9 |
1.1 |
1.6 |
1.5 |
1.5 |
1.8 |
1.7 |
| Wollongong |
0.9 |
1.1 |
1.7 |
2.0 |
2.0 |
1.8 |
1.6 |
| Other |
1.0 |
1.2 |
1.5 |
0.8 |
1.1 |
1.7 |
1.8 |
| |
|
|
|
|
|
|
|
| Central Coast |
2.0 |
1.6 |
1.4 |
1.8 |
1.3 |
1.5 |
1.6 |
| |
|
|
|
|
|
|
|
| Albury |
2.7 |
2.1 |
1.6 |
1.8 |
2.3 |
1.8 |
1.5 |
| Central West |
1.4 |
1.4 |
1.9 |
2.5 |
1.5 |
1.8 |
2.0 |
| Coffs Harbour |
2.4 |
2.7 |
2.5 |
1.9 |
2.4 |
2.7 |
1.9 |
| Far West |
- |
- |
- |
- |
- |
0.4 |
0.6 |
| Mid-North Coast |
2.8 |
1.9 |
1.9 |
1.1 |
1.2 |
1.5 |
2.3 |
| Murrumbidgee |
2.6 |
3.4 |
2.6 |
3.7 |
3.4 |
2.9 |
3.6 |
| New England |
2.0 |
2.1 |
1.8 |
1.7 |
1.6 |
2.9 |
2.0 |
| Northern Rivers |
2.4 |
2.3 |
1.8 |
2.3 |
1.7 |
2.4 |
2.3 |
| Orana |
2.1 |
1.9 |
1.5 |
3.0 |
1.2 |
1.1 |
1.2 |
| Riverina |
5.1 |
2.8 |
4.2 |
4.1 |
2.6 |
4.1 |
1.5 |
| South Coast |
3.2 |
1.7 |
1.1 |
2.0 |
2.5 |
2.1 |
2.9 |
| South Eastern |
1.0 |
0.9 |
1.4 |
2.3 |
2.5 |
5.3 |
0.8 |
Members can access Vacancy Rate Survey results for the years 2001 to 2009 by clicking here. 
Please direct media enquiries to Julian Brophy on 0408 276 749
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