The Rent and Sales Report is the sole authoritative source of data on NSW rent movements. It is published quarterly within two months of the end of the quarter. Housing NSW has been publishing rent data on a regular basis since 1987 and sales data since 1997.
From December 2017, the current and historic rent and sales data has been moved to a Database system to allow automatic updates of the quarterly data received and quick release of the report tables for internal and external stakeholders. The data processing to add geo-coordinates also uses advanced techniques compared to old procedures and outputs are made available using most recent geographic boundaries available from Australian Bureau of Statistics (ABS). The online dashboards that replace the Rent and Sales Report from September 2017 onwards are updated using the outputs from the database.
For further information about these statistics contact Department of Family and Community Services at RentandSales@facs.nsw.gov.au<
- Statistics in this Report are based on two sources. Rental statistics are derived from information provided on the bond lodgement form that is lodged with Rental Bonds (RB), NSW Fair Trading, Department of Finance, Services and Innovation. Sales statistics are derived from information provided on the ‘Notice of Sale or Transfer of Land’ form that is lodged with Land and Property Information (LPI), Department of Finance, Services and Innovation.
- The geographic areas for reporting data are based on the Australian Statistical Geography Standard (ASGS) of the Australian Bureau of Statistics (ABS) (2017). For both the rent and sales data sets, the address of each dwelling is coded to the Local Government Area (LGA) under the ASGS (2017). The combined area of Greater Sydney and the LGAs of Newcastle, Cessnock, Maitland, Port Stephens, Lake Macquarie, Wollongong, Shellharbour and Kiama is defined as the “Greater Metropolitan Region (GMR)”. The LGAs in Greater Sydney are also grouped into Inner, Middle and Outer rings. “Rest of NSW” as used in this publication is that part of the state not in the GMR.
- For confidentiality, we do not report rents and sale prices in any geographical area where the number of new bonds or sales is 10 or less. Statistics calculated from samples of sizes between 11 and 30 are shown with an ‘s’ to indicate small sample in the relevant table. We suggest data based on small samples are treated with caution, particularly when assessing quarterly and annual changes.
- The median is the value that divides a set of ordered numbers equally into a bottom half and tops half. Unlike means, medians are not significantly affected by unusually high or low values. Therefore median values are better measures of central tendency. In addition, some tables provide first and third quartiles. These are the 25 and 75 percentiles in the set of ordered numbers.
- Total bonds held refer to those live bonds at the last date of the quarter. The total number of bonds held by RB does not equal the total number of rental properties. The two main reasons are that at any given time some properties are vacant, and secondly that there are cases where bonds are not always required by a landlord from their tenant, for example for informal lettings.
- When new bonds are lodged with RB, rental values, dwelling type and bedroom number are not always provided. Typically, about 5% of these bonds do not provide rental values. The analysis excludes the data with missing rental values.
- Community Housing Organisations (CHOs) have been lodging bonds with the RB for over a decade for dwellings that they manage and which they rent to tenants at below market rents (usually at least 20% below market rents). The inclusion of rental bonds submitted by CHOs for social or affordable housing tenancies has a measurable effect on the median rents calculated for locations where there are substantial pockets of community housing. Hence, these bonds are excluded from the rent calculations so that the rents published reflect new private rentals only and are not diluted by lower social housing rents. Rental bonds lodged by CHOs have been identified and excluded from the calculation of rent statistics back to June 2009.
- Sales are reported according to their contract date. Generally, the vendor and purchaser agree on the sale price on or before the contract date. In many instances, there is a considerable time lapse between the contract and transfer dates. Therefore in assigning a time period to each property sale, the contract date is considered to be more relevant for market price analyses than the transfer date.
- The sales data are reported three months after the end of the reference quarter, when about 80% on average of the contracted sales have been notified. Waiting a further three months i.e. six months after the end of the reference quarter increases the notifications to about 90%. However, statistical testing on sale price means and medians after three months and six months of notifications do not show any significant difference for most of the LGAs.
- The quarterly and annual changes are based on revised figures for the previous quarters. Due to the time lapse between the contract date and when the sale is notified, the previous quarters’ figures will usually change each quarter as more sales are reported.
- A variety of factors contribute to anomalies in the sale price attributed to particular properties. To ensure that the statistics reflect the market price of a typical residential dwelling the lower and upper 5% of sale prices for each LGA have been excluded. At the LGA level, this does not affect the median but does remove outliers in the calculation of the mean and moves the first and third quartiles slightly towards the median. The impact at higher levels of aggregation is less predictable but is likely to provide a more reliable indication of sale prices. Similar method is applied when reporting by postcodes.
- Strata title properties usually include town houses, terraces/villas, flats/units (multi-unit dwellings) whereas non-strata title properties refer to separate houses. However, any multi-unit dwelling with a Torrens title would be counted as a non-strata property.
Changes to the Geographic Boundaries
From September 2017 the geocoding processes involved in the production of the report have been updated to reflect the latest geographic boundaries for the Local Government Areas (LGAs) as per Australian Statistical Geography Standard (ASGS) of the Australian Bureau of Statistics (ABS) (2017). Details of the new boundaries are available at Australian Bureau of Statistics (ABS) , cat. no. 1270.0.55.003. Due to this any comparisons with reports prior to September 2017 may not be valid.