OPENING OF INTERNATIONAL BORDERS CONTINUES TO PUT PRESSURE ON SYDNEY RENTAL MARKET
January 2022
The Rental Market in Sydney remains strong as competition for vacant rental properties is increasing, and a new report has confirmed rents in the city continue to sit at record highs. A video posted to social media last weekend shows the intense demand-supply crunch.
Crowds nearing 150 people queued to view a unit in the suburb, which has long been popular with backpackers, young professionals and families.
Rental prices in Sydney rose by 1.8 percent from the September quarter to reach a record high
Rental prices in Sydney rose 1.8 per cent from the September quarter to reach a record high, according to the latest PropTrack Market Insight Report. The median rent for a home in Sydney is now $630, while units fetch $530.
Unit rents rose by 1 per cent over the quarter to be 6 per cent higher year-on-year. A financial analyst who was interviewed on the today show said that there were no signs of slowing down. Australia's borders opening, along with international travel ramping up will see an influx of backpackers and students to add to the current demand-supply crunch.
The surging rents are caused by the limited supply of stock around Sydney and there does not appear to be much change to this supply issue coming this year. Those that can not afford to buy are flooding the rental market.
Capital City rents rose by 10 percent in 2022
Following no change in rents in 2021, capital city rents rose 10 per cent in 2022. Rental prices will also continue to grow in capital cities over the next coming months. ( Kusher, 2023 )
Overseas migration is likely to place continued demand on rental markets popular with overseas arrivals. CoreLogic data released this week showed national vacancy rates at a record low 0.8 per cent.
This comes as great news for Equity Rise clients that have purchased in Sydney who will benefit significantly from the increasing rents. Please click the link below to enquire on our latest opportunities in Bexley and Arncliffe.
If you have any questions or are ready to purchase your next investment,
Please don't hesitate to contact your Property Strategist.
Referencing,
amp.9news
Article Authors
Oscar Boman
Equity Rise,
Level 3, 31 Alfred Street,
Sydney, NSW 2000, Australia
コメント