A Slight Improvement In Some Areas Fails To Put A Dent In Ihe Nsw Rental Crisis

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16th July 2008, 02:03pm - Views: 1027





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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 won’t 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.

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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 Sydney’s 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.






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