The Real Estate Institute of NSW (REINSW) has called on the state and the federal governments to stimulate investment in the residential property 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.
October’s overall rental vacancy rate remained at 1.4 per cent, according to REINSW statistics.
Sydney inner city suburbs saw a small drop, while the outer and middle suburbs’ rates rose slightly.
“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.”