Despite slight fluctuations, the rental market crisis in New South Wales continues

The REINSW July 2024 vacancy survey shows that rental vacancy rates remain critically low across New South Wales. Although the overall vacancy rate in Sydney increased slightly by 0.1% to 1.8%, REINSW CEO Tim McKibbin stressed that this figure still represents a historic low for the city. He noted that while this is the highest vacancy rate recorded in Sydney in the past year, the rental market is still in crisis.

McKibbin noted that vacancy rates in Sydney’s inner, middle and outer ring all rose slightly last month, with rates of 2.4% (+0.2%), 1.7% (+0.1%) and 1.5% (+0.2%) respectively. He explained that slight fluctuations from month to month were to be expected, but that these increases would not alleviate the ongoing rental crisis gripping the city.

The survey also revealed regional differences: in the Illawarra region, the vacancy rate increased slightly, while in the Hunter region it decreased. Specifically, in the Illawarra region, the vacancy rate increased by 0.2% to 1.2%, while in the Hunter region it decreased by 0.2% to 1.4%.

McKibbin highlighted that many regions in New South Wales were seeing a further decline in vacancy rates due to increasing demand and limited supply. Declines were observed in the Central Coast, New England, Northern Rivers, Orana, Riverina, South Coast and South East regions. Conversely, the Albury, Central West, Coffs Harbour and Murrumbidgee regions saw slight increases, while there was no change in the Mid-North Coast.

Despite some easing in vacancy rates this month, McKibbin warned that this was no reason for optimism. He stressed that three factors remained unchanged: rental availability was at historic lows, weekly rents continued to rise and renters were facing rising living costs. In closing, McKibbin stressed that the challenges facing the New South Wales residential rental market remained significant and unresolved.

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