EMBARGOED UNTIL 1201AM AEST THURSDAY 17th JULY
17 July 2008
A slight improvement in some areas fails to put a dent in the
NSW rental crisis
Despite some isolated areas of improvement, the overall picture remains grim for renters
across NSW according to the latest June rental vacancy statistics released by the Real Estate
Institute of NSW.
Sydney recorded a slight improvement of 0.2 percent in June driven largely by a half a percent
improvement in rental vacancies in the inner suburbs.
However in outer Sydney the outlook remains poor with only marginal increases in the number
of vacancies in the middle and outer suburbs of the city.
In the key population belts, vacancies rose by just 0.1% to 0.9% in the outer suburbs whilst in
the middle suburbs of Sydney, vacancies increased by 0.3% to 1.1%
These isolated improvements wont even make a dent in the rental crisis which is gripping the
state, said REINSW President Steve Martin.
In fact the latest figures show a complete reversal of the improvement seen in regional areas
in May with the June data showing rental vacancies on the decline in Newcastle, Wollongong
and the Central Coast.
Rental vacancies in Newcastle have almost entirely reversed gains made in May with rental
vacancies dropping by 1.3% to 1.8% for June 2008.
Wollongong has also fallen significantly in June, down 0.7% to 1.3% and the Central Coast is
down 0.5 to 1.8 percent.
Rental vacancies are firmly entrenched in the low single digits yet the State Government does
nothing to encourage new investment.
Media Release Continued
Real Estate Institute of New South Wales
Media Release page 2
Every week that the NSW Government avoids making a decision to remove land tax and
stamp duty is another week that an additional 1400 people arrive on Sydneys doorstep looking
for a home.
There is only so much slack before the rental accommodation rubber band is going to snap.
We need action from the government to reverse the downward spiral which is now a
permanent feature of these figures, said Mr Martin.
Residential vacancy rates in NSW for June:
June
2008
May
2008
April
2008
March
2008
SYDNEY
1.1%
0.9%
1.0%
0.8%
Inner (0-10km from CBD)
1.4%
0.9%
1.2%
0.9%
Middle (10-25km)
1.1%
0.8%
0.9%
0.7%
Outer (>25km)
0.9%
0.8%
1.0%
1.4%
HUNTER
1.8
2.2
1.9
1.5
Newcastle
1.8
3.1
1.5
0.9
Other
1.8
1.9
2.2
2.0
ILLAWARRA
2.2
1.6
1.6
1.7
Wollongong
1.3
2.0
1.5
0.7
Other
3.4
1.6
1.9
2.6
Central Coast
1.8
2.7
2.7
1.8
Albury
4.1
3.1
3.0
2.7
Central West
4.0
3.0
3.4
4.3
Coffs Harbour
4.9
4.0
3.8
3.5
Mid-North Coast
2.6
2.1
2.0
2.3
New England
4.7
3.4
3.6
3.7
Northern Rivers
1.7
2.4
1.5
2.8
Orana
2.4
3.3
1.8
1.7
Riverina
3.3
2.3
3.4
3.6
South Coast
3.8
3.6
4.0
2.6
South Eastern
2.0
3.3
1.2
0.6
Please direct media enquiries to Julian Brophy on 0408 276 749.