Vacancy rates eased slightly across many areas of New South Wales last month, but the Real Estate Institute of NSW (REINSW) has cautioned against celebrating the April figures.
REINSW Chief Executive Officer Tim McKibbin said the lift in availability of rental accommodation would not put a dent in the escalating rental crisis.
He said over the past month, Sydney’s vacancy rate rose 0.1 per cent to 1.5 per cent.
“Vacancies also rose in each of the Inner, Middle and Outer Rings of Sydney to 1.7 per cent (up 0.1 per cent), 1.5 per cent (up 0.2 per cent) and 1.3 per cent (up 0.1 per cent) respectively,” Mr McKibbin said.
In other areas of the state, the vacancy rate also lifted, including in the Hunter region, where vacancy rates lifted from 1.2 per cent to 1.5 per cent.
“The Illawarra region, however, experienced a small drop in vacancies to 1.8 per cent (down 0.2 per cent),” Mr McKibbin said.
Many regional areas across NSW also experienced an easing in vacancy rates.
In Albury, vacancy rates rose 0.5 per cent from 1 per cent to 1.5 per cent, while on the Central Coast, the vacancy rate climbed slightly, from 1.2 per cent to 1.3 per cent.
But the largest jump in the vacancy rate was in the South East region of the state, where it jumped from 1.1 per cent to 4.4 per cent.
“Only the Mid North Coast, Murrumbidgee and Orana areas experienced a tightening in vacancy rates,” Mr McKibbin said.
In the Murrumbidgee region, the vacancy rate fell from 2 per cent to 0.8 per cent, while in the Orana region, it dropped from 3.1 per cent to 2.2 per cent.
On the Mid North Coast, the vacancy rate shifted marginally to 1.2 per cent, down from 1.3 per cent.
Mr McKibbin said while vacancy rates had eased in many areas of the state, the reality remained dire.
“Demand continues to drastically outstrip supply and securing appropriate rental
accommodation remains a pipedream for many tenants as weekly rents continue to rise,”
he said.
