The number of rental properties in Sydney increased to a near 12-month high in July, according to figures from the Real Estate Institute of NSW (REINSW).
However, the number of available properties for rent declined slightly in Newcastle, and remained unchanged in Wollongong.
In general, the overall vacancy rate of rental properties across New South Wales has changed slightly from July last year.
Sydney’s rental vacancy rate between June and July increased by 0.3 percentage point to 1.6 percent, and the only time it rose to a higher level in the past 12 months was in January, when it reached 1.7 percent.
“There is no doubt that the July 2010 vacancy data shows improvement in parts of Sydney,” said Wayne Stewart, president of REINSW. “However, the fact remains we continue to witness historically low levels of available properties.”
Rental vacancy rates in Newcastle plunged to 1.7 percent in July from 2.1 percent in June and 1.4 percent in July last year, while rental vacancy rates in Wollongong increased by 0.1 percentage point to 1.4 percent in July from 1.3 in June and 1.9 percent in July last year.
Mr. Stewart noted that reforms from “all sides of politics” are needed to improve housing affordability in the country and to encourage more investments in the private rental market.