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Residential vacancies increased somewhat in NSW in September but not enough to shift the dynamics on the ground, according to the state’s real estate industry association.
The Real Estate Institute of NSW (REINSW) has released its data on rental vacancies for the month of September 2024, revealing that Sydney’s vacancy rate continues to make marginal gains, lifting 0.1 per cent to 1.9 per cent over the month.
Many of the state’s markets saw similar increases, with the availability of rental accommodation across both the Hunter and Illawarra regions each rising by 0.1 per cent to sit at 1.4 per cent and 1.5 per cent, respectively.
Availability across Coffs Harbour, Mid-North Coast and Murrumbidgee areas all rose over the month, while the South East area of the state remained flat. Meanwhile, vacancy rates in the Albury, Central Coast, Central West, New England, Northern Rivers, Orana, Riverina and South Coast areas all tightened over the last month.
REINSW CEO Tim McKibbin warned that the marginal increases, particularly in the Sydney area, should not be interpreted to mean that rental affordability issues are easing.
“These slight increases do not dent the escalating rental crisis,” he said.
“Demand continues to drastically outstrip supply and securing appropriate rental accommodation remains a pipedream for many tenants as weekly rents continue to rise,”
McKibbin stated.
The body has noted in recent months that fluctuations in the rental market are to be expected, but that despite increases like the gains witnessed over the winter and into September, “there’s no doubt that the rental market continues to maintain its grip”.
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