Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Rents shift upwards in NSW

Staff Reporter 4 minute read

Staff Reporter

Rents are on the rise again in Sydney and metropolitan New South Wales in what is good news for investors but not so good for renters looking to save first home deposits.

According to official figures from the New South Wales government, average rents rose to $410 per week in the June quarter - $10 higher than three months ago and $20 higher than the same time last year.

Housing minister Frank Terenzini said the figures showed rental increases marginally higher than the March quarter but didn’t reflect a steep increase predicted by some commentators.

Advertisement
Advertisement

The rental market remained tight however, he commented, with Sydney’s vacancy rate sitting at 1.2 per cent, Wollongong’s at 1.1 per cent and Newcastle’s at 1.6 per cent.

Over the year to June rents rose most in the inner city ring ($30), the government figures showed, while the middle and outer rings demonstrated more moderate increases of $20.

The biggest annual rent increases for three bedroom houses over the year occurred in the Local Government Areas of Willoughby (17.6 per cent to $800), Ryde (14.6 per cent to $550) and Marrickville (12.7 per cent to $620).

Rents shift upwards in NSW
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
handshake news Ex-broker head to lead MyState banking

A former broker head has returned to MyState Bank to tackle turna...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...