Rents surge across Greater Sydney

Rents surge across Greater Sydney

22 August 2012 by Staff Reporter 0 comments

Staff Reporter

A raft of suburbs in Sydney’s outer ring has experienced the greatest increase in median rents, according to PRDnationwide.

While results are pocketed, the central coast and Hunter regions dominated the top-ten list.

The real estate company analysed the latest Housing NSW figures and reports properties in Mosman, Woollahra and Waverly local government areas recorded the highest median rent in the 12 months to June 2012.

“The high rent prices are the result of scarcity in detached houses in these locations, and their proximity to iconic beaches, the Sydney CBD and vibrant commercial centres,” the report read.

House rents in Greater Sydney, which includes local government areas between Sutherland in the south and Wyong in the North, increased by 4.5 per cent over the period, compared to a rise of 5.6 per cent for the state.

For a three bedroom house, the top performers were Hurstville (7.3 per cent increase) and Shellharbour (7.1 per cent increase).

Sydney's residential vacancy rates fell by 0.1 per cent on-month to 1.8 per cent in July, according to data from SQM Research.

Staff Reporter

A raft of suburbs in Sydney’s outer ring has experienced the greatest increase in median rents, according to PRDnationwide.

While results are pocketed, the central coast and Hunter regions dominated the top-ten list.

The real estate company analysed the latest Housing NSW figures and reports properties in Mosman, Woollahra and Waverly local government areas recorded the highest median rent in the 12 months to June 2012.

“The high rent prices are the result of scarcity in detached houses in these locations, and their proximity to iconic beaches, the Sydney CBD and vibrant commercial centres,” the report read.

House rents in Greater Sydney, which includes local government areas between Sutherland in the south and Wyong in the North, increased by 4.5 per cent over the period, compared to a rise of 5.6 per cent for the state.

For a three bedroom house, the top performers were Hurstville (7.3 per cent increase) and Shellharbour (7.1 per cent increase).

Sydney's residential vacancy rates fell by 0.1 per cent on-month to 1.8 per cent in July, according to data from SQM Research.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?