The REINSW Vacancy Rate Survey results for May 2022 show that residential vacancies in Sydney are at their lowest level since June 2017.
“The vacancy rate for Sydney overall dropped 0.4% for the month to be just 1.8%,” REINSW CEO Tim McKibbin said. “The drop is primarily attributable to vacancies in the Middle Ring plummeting to 1.6% (-1.7%). The Outer Ring decreased slightly to 1.6% (-0.1%), while the Inner Ring increased to 2.3% (+0.2%).
“This 5-year low in Sydney vacancies is proof that the rental crisis is real. To say this is concerning is certainly an understatement.”
Outside Sydney, vacancy rates in the Hunter and Illawarra also dropped.
“In the Hunter region, the vacancy rate dropped by 0.4% to be 1.3%. The Illawarra region also dropped, with vacancies now at 1.0% (-0.3%),” Mr McKibbin said.
While vacancy rates eased in some regional areas, others experienced a further tightening.
“Vacancy rates for the Albury, Coffs Harbour, Mid-North Coast, Murrumbidgee, South Coast and South East areas all recorded increases,” Mr McKibbin said. “However, the Central Coast, New England, Northern Rivers, Orana and Riverina areas all dropped. Only the Central West remained stable.”
As has been the case for much of the last two and a half years, sourcing rental stock continues to be an issue across New South Wales.
“REINSW members in many areas are telling us that the rental crisis is really starting to take hold,” Mr McKibbin said. “Demand for rental accommodation is causing a shortage in properties, resulting in an uptick in rent. This is making it more difficult for families to find affordable housing amid growing cost of living pressures.
“In many instances, agents are receiving 15, 20 and even more applications for a single property. And, faced with the prospect of being unable to secure a home, renters are offering above the advertising price or multiple months up-front. But, unfortunately, many simply can’t afford to do this.
“It’s a very stressful time for renters.”
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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.