The NSW government has been urged to take a more “holistic approach” to housing, as the Sydney residential rental market rose slightly last month.
The April release of the Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey saw the number of properties for rent across Sydney grow by 0.3 per cent to 1.7 per cent.
The REINSW has said that despite the rise, pressure remains on the Sydney residential rental market, while Wollongong, Albury and Northern Rivers all witnessed falls in available properties last month.
REINSW president Malcolm Gunning revealed that inner-Sydney vacancy rates remain the tightest, despite an increase of 0.3 per cent to 1.6 per cent. In middle Sydney, availability rose by 0.4 per cent to 2.0 per cent, while outer Sydney was up by 0.2 per cent to 1.7 per cent.
The latest REINSW stats showed that Wollongong vacancy rates have hit a three-year low with a decline of 0.8 per cent to 1.5 per cent. Across the Illawarra region vacancy rates are at 1.6 per cent, down 0.5 per cent.
"Wollongong is an attractive proposition for those who wish to relocate from Sydney. Its beachside location is a more affordable option for those who are seeking a more relaxed lifestyle, and this is putting pressure on the number of properties available,” said Mr Gunning.
“It is important for new premier Mike Baird to take a holistic approach to the housing issues facing the state. It is not isolated to Sydney,” he added.
Meanwhile, vacancy rates tumbled 0.5 per cent in both Albury and Northern Rivers to 1.6 per cent and 1.5 per cent respectively, which according to REINSW represents the two lowest vacancy rates in the state.
Newcastle’s rate was up by 0.5 per cent to 3.0 per cent. However, across the Hunter region they were down 0.1 per cent to 3.0 per cent.
The South Coast fell 0.3 per cent to 2.2 per cent and New England was down 0.1 per cent to 3.4 per cent, while the Central West has the most rental accommodation available at 4.9 per cent, a rise of 1.4 per cent.