Sydney housing market is hot, low vacancy rate, inner west tenants suffer the most
The Real Estate Association of New South Wales (REINSW) pointed out that the vacancy rate of rental houses in NSW is still very low, and there are many tenants who are working hard to rent.
REINSW President Wayne Stewart said in a statement on Tuesday: "Despite the increase in vacancy rates in some areas, the overall rental vacancy rate in NSW is still very low. If the government and relevant authorities do not interfere, private investment and property planning will be down The cumbersome official procedures in this regard will continue to slow down the construction of new residential housing, and it will be difficult to solve the problem of tenants' difficulty in finding housing."
Data released by REINSW showed that the vacancy rate in October remained at around 10% for two consecutive months. The vacancy rate in Sydney's central and outer suburbs rose slightly, while the vacancy rate in the inner west fell slightly. Tenants looking for rental housing in metropolitan areas outside of Sydney’s city centre can be somewhat relieved, as the vacancy rates for rental housing in Newcastle and Wollongong have risen to 1.4% and 1.9%, respectively.
Stewart called on the government to increase investment to stimulate the residential housing market. "The renting crisis has greatly weakened the affordability of housing in NSW. The NSW government and the federal government should take immediate measures to address this situation. Otherwise, tenants will be forced to rent a house smaller than their current residence. The battle was broken."