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The latest vacancy data shows that residential vacancies have returned to crisis levels once again across many areas of NSW.
According to the Real Estate Institute of NSW (REINSW), which published the data in its latest Vacancy Rate Survey, these February 2024 survey results proved that the tightened availability predicted to occur after the calm of last year has come into effect.
Over the course of February 2024, the vacancy rate for Sydney overall fell by 0.4 per cent from 1.7 per cent to 1.3 per cent. Throughout the city’s inner, middle, and outer rings, rates decreased to 1.3 per cent, 1.3 per cent, and 1.2 per cent, respectively.
In the Hunter Region, vacancies remained static from last month at 1.3 per cent.
Vacancies throughout the Illawarra region registered at 1.9 per cent in February, a 0.5 per cent decrease from the previous month’s result of 2.4 per cent.
Rates across the regions of Albury, Central West, South Coast, and South East all increased.
Contrastingly, the Central Coast, Coffs Harbour, Mid North Coast, Murrumbidgee, New England, Northern Rivers, Orana, and Riverina areas all decreased.
REINSW chief executive Tim McKibbin has stated that these vacancy rates for regional areas across NSW all regale a similar story of lack of rental accommodation supply.
These survey results are additionally indicative of McKibbin’s belief that the seasonal easing previously experienced throughout the Christmas and New Year period is now but a distant memory.
“As history has shown us, higher vacancy rates over December and January each year can quickly turn to tightened availability when February rolls around – and this is what we’re seeing with these latest survey results,” said McKibbin.
“These latest survey results prove that there is definitely no end in sight for this rental crisis.”
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