Outer Sydney rents soar

Weekly house rents have jumped by as much as $20 in Sydney’s outer suburbs, according to recent NSW Housing figures.

A report by Housing NSW found that median rents remained unchanged in the inner and middle rings of the Sydney metropolitan area during the December 2009 quarter, while the outer ring experienced a significant increase.

“The median rental has soared from $320 at the end of 2008, to $350 in December last year,” NSW Urban Taskforce chief executive Aaron Gadiel said.

“Outer suburban families have been hit by rent increases running at more than four times the rate of inflation,” Mr Gadiel said.

Mr Gadiel said rents are skyrocketing because there simply aren’t enough suburban homes.

“This is more evidence demonstrating why we need urgent residential land release.”

Weekly house rents have jumped by as much as $20 in Sydney’s outer suburbs, according to recent NSW Housing figures.

A report by Housing NSW found that median rents remained unchanged in the inner and middle rings of the Sydney metropolitan area during the December 2009 quarter, while the outer ring experienced a significant increase.

“The median rental has soared from $320 at the end of 2008, to $350 in December last year,” NSW Urban Taskforce chief executive Aaron Gadiel said.

“Outer suburban families have been hit by rent increases running at more than four times the rate of inflation,” Mr Gadiel said.

Mr Gadiel said rents are skyrocketing because there simply aren’t enough suburban homes.

“This is more evidence demonstrating why we need urgent residential land release.”

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