Rents in Sydney have jumped about 14 per cent over the past year and tenant advocates warn the level of renter distress has shot up.
Sydney’s median house rent has reached a record high of $650 per week, and unit rents are back at a high of $550.
House and unit rents each climbed 4.8 per cent over the quarter, the data shows, and were up 14 per cent and 14.6 per cent, respectively, over the year. It is the largest annual increase in unit rents on Domain records which go back to 2004, and the largest jump in house rents since 2009. “Overseas migration and short-term arrivals are still below pre-pandemic levels, so you have this stream of demand that is going to rise at a time when vacancy rates are at a record low, so that dynamic is going to create pain for tenants,” Powell said.Affordability constraints were pushing more tenants to apartment living, and more affordable areas, Powell said, while demand had eased in lifestyle locations that had seen extreme growth.
“It’s probably going to take some time before it gets better because the supply of property will take time to catch up,” he said. “When we [advertised a room] on Facebook we had so many requests ... I think it’s still pretty dire out there, and I think it’s getting stupidly expensive.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Industrial developers to maximise rents with multi-storey warehousesMulti-storey projects by the likes of Goodman Group and Charter Hall are in development in South Sydney, where vacancy rates are near zero.
Read more »
‘Very challenging’: Melbourne house rents break records for fourth quarter in a rowTenants have been dealt another financial blow as house rents set a record, while units are also likely to reach a new high and recoup their pandemic losses by the end of the year.
Read more »
'Biggest mistake of my life'; Sydney woman loses $27,000 in scamA Sydney business woman says she has lost her life savings in a cryptocurrency scam, calling the ordeal "the biggest mistake of her life".
Read more »
House prices plummet 10pc in 40pc of Sydney suburbsValues also slumped by more than 10 per cent in just five months across 22 suburbs in Melbourne and Brisbane, data from CoreLogic shows.
Read more »
Freedom Day: One year passes since Sydney left 107 days of COVID-19 lockdownDubbed 'Freedom Day', October 11, 2021, marked the end of more than 100 days in hard COVID-19 lockdown for the city and much of New South Wales. 9News
Read more »