The latest REINSW Vacancy Rate Survey results show that residential vacancies in Sydney bounced back slightly in June 2022 after recording a five-year low in the previous month.

“The vacancy rate for Sydney overall has risen 0.2% for the month to be 2.0%,” REINSW CEO Tim McKibbin said. “The increase is attributable to vacancies in the Inner Ring increasing to 2.9% (+0.6%). The Middle and Outer Rings both decreased slightly to 1.4% (-0.2%) and 1.5% (-0.1%).”

Outside Sydney, vacancy rates in the Hunter increased, while the Illawarra decreased.

“In the Hunter region, the vacancy rate rose by 0.4% to be 1.7%,” Mr McKibbin said. “The Illawarra region dropped slightly to 0.9% (-0.1%).”

While vacancy rates eased in many regional areas, others experienced a further tightening.

“Vacancy rates for the Central Coast, Central West, Mid-North Coast, New England, Northern Rivers, Orana, Riverina and South Coast areas all recorded slight increases,” Mr McKibbin said. “However, the Albury, Coffs Harbour, Murrumbidgee and South Eastern areas each dropped.

“While there have been slight increases in the availability of rental accommodation across many areas in New South Wales, there’s no denying that the rental crisis continues to take hold,” Mr McKibbin said.

“REINSW members continue to report an extreme shortage of stock. Many tenants are staying put, despite rent increases, for fear they will not be able to secure another suitable property. And more and more stock is exiting the rental market, as landlords sell up and home buyers move in.

“In short, there are simply not enough properties in the rental pool to satisfy tenant demand.”

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