This is disturbing! Trapped in other words into all the property investment hype by Banker driven Spruiker!
Alexandria residents Rebecca and Nathan Devlin said they felt more conflicted because they rented their home but had an investment property too. “We wouldn’t want to have to rent our property out for less” Ms Devlin said.
Rental prices tumble in pockets of Sydney’s east, far west and north
Aiden Devine
17 December 2017
Rental prices tumble in pockets of Sydney’s east, far west and north SYDNEY tenants can look forward to a discounted lease on life with rents tumbling across the city’s east, west and north and remaining static everywhere else.
For the first time since the Global Financial Crisis of a decade ago, increased supply and changing regulation have given tenants the advantage in what was a tight and highly competitive market.
New realestate.com.au research showed rental prices have been tumbling in pockets of the eastern suburbs, far west and north, while remaining in the deep freeze across much of the rest of the city.
Economists expect the falls to continue as the stream of newly built homes that have been sold to investors off the plan hit the market next year, giving tenants a greater choice of homes.
The changing supply and demand dynamic has turned the tables in a market that has largely favoured landlords since the GFC due to strong population growth and a chronic shortage of rental properties.
The median weekly rent in the suburb had been $2200 at this time last year but has since dropped $500 to $1700.
Landlords have also been slashing rents by about 21 per cent in Penrith enclave Llandilo, as well as in Box Hill further north
Separate figures from SQM Research showed typical rents for detached houses across the city as a whole fell by 1 per cent in the past year.
Unit rents, meanwhile, went up by about the same rate as inflation at 2 per cent.
SQM Research director Louis Christopher said landlords were under increased pressure to offer more attractive rents because the risk of their homes becoming vacant had risen following rampant levels of investor buying over the past four years.
Sydney’s vacancy rate — the proportion of rental properties currently untenanted — was unusually high at 2.1 per cent after bouncing up from 1.8 per cent earlier in the year, Mr Christopher said.
“It’s a good time to be a tenant right now,” he said.
“It’s likely there will be further adjustments in prices in certain pockets, especially where there has been a high concentration of new home building like in the Hills (District),” he added.
Realestate.com.au chief economist Nerida Conisbee said that it was a good time for tenants in suburbs where prices had fallen to renegotiate their leases.
“That’s obviously not good news for landlords but there may be a chance for tenants to get a break,” Ms Conisbee said.
Glebe renter Holly Browne said it would be a relief to know that rents would no longer be spiralling out of control and that queues outside open home inspections may now be a thing of the past.
“Every home you’d look at would have 30 or 40 other people interested. It was ridiculous,” Ms Browne said.
“Some of the people you’d be up against would also be offering extra money. It made it very hard if you needed to find a place quickly.”
Alexandria residents Rebecca and Nathan Devlin said they felt more conflicted because they rented their home but had an investment property too.
“We wouldn’t want to have to rent our property out for less — but if we don’t have to pay as much rent ourselves it would be great,” Ms Devlin said.