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Rents surge across Greater Sydney

Rents surge across Greater Sydney

by 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.

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Rents surge across Greater Sydney
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