The REINSW Vacancy Rate Survey results for July 2023 show that residential vacancy rates in Sydney and much of regional New South Wales are once again tightening, underlining the fact that the availability of rental accommodation across the state remain at crisis levels.

“Over the last month, the vacancy rate for Sydney overall fell by 0.1% to 1.6%,” REINSW CEO Tim McKibbin said. “While only a small drop, it does indicate that the rental crisis is well and truly embedded.

“Vacancies across the Inner and Outer Rings of Sydney dropped. The Inner Ring came in at 1.9% (-0.2%), while the Outer Ring fell by 0.1% to 1.6%. The Middle Ring remained stable at 1.5%.”

In contrast, residential vacancies in both the Hunter and Illawarra rose slightly.

“In the Hunter region, the vacancy rate increased by 0.1% to be 1.7%,” Mr McKibbin said. “The Illawarra region also rose, now sitting at 1.5% (+0.2%).”

Vacancies across most regional areas have tightened once again.

“Vacancy rates for the Central Coast, Central West, Coffs Harbour, Mid-North Coast, Northern Rivers, Orana, Riverina and South East areas all dropped,” Mr McKibbin said. “Only the Albury, Murrumbidgee, New England and South Coast areas eased.

“Month after month, the story remains the same – rental availability is at crisis levels, but rents continue to increase. It’s an extremely tough environment for everyone involved in the market.

“Without serious and considered action from all levels of government, it’s hard to see how there can be a turnaround.”