So how does the media report this? From the Herald:
Sydney rental market to tighten
And the Real Estate Institute:
"Unfortunately, without substantive reform to property investment controls in NSW, the state will continue to suffer from an accommodation availability crisis for the foreseeable future," said REINSW president Wayne Stewart.
"In addition, the new amendments to the Residential Tenancy Act passed by the Keneally government will only result in a further decline in available properties coupled with skyrocketing rents."
It's as if the media release was written before the REI even got their vacancy rate data, and decided to ignore it anyway.
And 'skyrocketing rents'? A look at Housing NSW's Rent and Sales Report reveals median new rents increased over 2010 by 7.5 per cent in Sydney, and 5.7 per cent for the whole State. And the ABS's CPI shows Sydney rents increasing 5 per cent. These increases are more than those in the cost of living generally, but are not quite in 'skyrocket' territory.
That might be all one can expect from an organisation that represents people who exaggerate for a living, but it is disappointing when the State's journal of record reports this nonsense uncritically.
THe REI is pushing mis-information ... Assertions about likely disinvestment because of residential tenancy legislation are essentially propagandist campaigns. Politicians are easy prey to the propaganda of the property lobby. Tax and other economic considerations are what underpin reasons for investment and disinvestment. Nevertheless, we will continue to be bombarded by the Real Estate Institute with such mis-information. Let’s hope that our pollies see through it.
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