Government called on to resolve rental crisis

15 NOV 2011 • 1 min read • Investor Strategy

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.

You’re out of free articles for this month

Username or Email

Password Forgot password?

Keep me signed in on this device.

First Name

Last Name

Mobile

Organisation Type

By becoming a member, I agree to receive information and promotional messages from Smart Property Investment. I can opt out of these communications at any time. For more information, please visit our Privacy Statement.

Need help signing up? Visit the Help Centre.

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.”

Tags:

Latest

You need to be a member to post comments. Become a member for free today!