00:00In a city crying out for more homes, these stand vacant.
00:07A Vaucluse mansion gathering cobwebs, an abandoned five-dock home opposite a metro station.
00:14The latest data reveals more than 43,000 homes in the state are inactive.
00:19Almost 24,000 are in Greater Sydney, the suburbs with the most, Millers Point with 355, Haymarket
00:28with 345 and Mascot with 327.
00:33Real estate insiders say there are many reasons landlords choose not to rent their properties.
00:38It can be the case that the property is too expensive to bring up to the requisite standard.
00:45Others may choose to simply land bank.
00:48Others have difficulty in getting the necessary improvements through council.
00:53This waterfront Dolls Point home is vacant because the owner had a falling out with his
00:58builder.
00:59Last time it was lived in was about 2014, they started their renovation, disputes occurred.
01:05Now with weather, damage, ceilings have fallen in, lift shafts have been rusted out, cables
01:12falling about, a perfectly brand new kitchen has completely rusted out and it's unlivable.
01:18We tracked down the owners of a handful of empty Sydney homes to ask them why they're
01:23not being rented out.
01:25Some were mortgage free or required repairs, others were awaiting development consent.
01:31Holiday homes are also restricting the rental market.
01:34On this street in Sandringham, residents say at least half the homes are not lived in full-time.
01:40The NSW Government is considering a vacancy tax as part of a review of short-term rentals.
01:46There is a strong case for a vacancy tax because we use our housing stock in a very inefficient
01:51way.
01:52If you're renting people with vacant properties, it might look politically attractive in the
01:58short term, but it's most certainly not going to solve the problem.
02:01Victoria already has a vacancy tax for inner Melbourne homes.
02:05It will roll out statewide from 2025.
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