New bonds lodged against bonds held is a turnover rate: how often a tenancy in an area changes hands. New South Wales is the only state that publishes both halves. Covers New South Wales.
New South Wales — it is the only state that publishes both bonds lodged and bonds held, and the accounting needs both.
Beside every rent figure NSW publishes two counts: bonds lodged during the quarter, and bonds held at the end of it. One is a flow and the other a stock, so together they close an accounting identity nobody publishes — every bond that existed and no longer does was closed. That is how many tenancies ended.
Across 313 NSW postcodes holding 846,943 bonds, 34.0% of the rental pool turned over in the year to June quarter 2026, down from 36.1% a year earlier. Fewer people are moving — which tightens the market for anyone who needs to.
At the current rate an average tenancy would run about 2.9 years — but that is a conditional, not a measurement. It assumes turnover stays where it is, and the whole point of the chart is that it has not: it holds only if today’s churn persists.
Bonds lodged and bonds held, published by NSW DCJ. Tenancies ended is lodgements minus the change in the pool — arithmetic on two published counts, not a model. Computed on a fixed panel of 313 postcodes reporting both counts in every quarter, covering 95.5% of the published pool; areas are never imputed. The series starts at March quarter 2018 because DCJ restated the bonds-held column between September quarter 2017 and December quarter 2017 — a -7.4% step that moved 99% of postcodes together — so no change is calculated across it. Counts bonds, not tenancies: a bond transferred between tenants moves nobody on paper, so this is a floor.