The Real Estate Institute of NSW (REINSW) has called on the state and the federal governments to stimulate investment in the residential property market and help ease the growing pressures in the NSW rental market.
“Despite increases in some areas, the overall rental vacancy outlook in NSW remains depressed,” REINSW president Wayne Stewart said in a statement today.
“The rental crisis, which has dramatically reduced housing availability across NSW, requires immediate and sustained action by both the state and federal governments,” he said.
According to REINSW October figures, rental vacancies fell 0.2 per cent across the inner suburbs of Sydney, bringing the new vacancy rate to just 1.3 per cent.
In addition, vacancy rates in Sydney’s middle suburbs, located 10 to 25km for the CBD, increased to 1.6 per cent – up 0.2 per cent, while vacancies in Sydney’s outer suburbs, more than 25km for the CBD, increased to 1.4 per cent – up 0.1 per cent.
“There will be no relief for tenants until we see interventionist action to encourage private investment as well as slashing planning red tape which is slowing new residential development,” Mr Stewart said.
“Until then, we will see growing numbers of people competing against each other for an ever smaller number of available properties.”