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A drop in rental demand and an overabundance of newly built homes led to higher rental job offers in parts of Sydney, which helped moderate rental prices.
Figures released yesterday show that nearly 20,000 rental units are vacant in Sydney – a record 2.8% of all rental housing in the city
This pushed homeowners to cut rents, weekly rents typical decreasing by 2.2%. According to SQM Research, the year and unit rents fell by 0.1%.
Louis Christopher, SQM real estate badyst, said homeowners should adapt to climate change. "Tenants are in a good position now, especially in the middle and upscale housing market.They should consider haggling."
Research has shown that empty rentals are not evenly distributed to through the city.
They were mainly in areas where developers released a series of new housing projects purchased primarily by investor-owners.
THE HILLS
The hills had the highest vacancy rate of all Sydney areas, with about 1160 properties, or 4.9%
. Vacancy in the Kellyville Hills enclave was even higher, hovering around 7%, which resulted in a dramatic fall in rents. CoreLogic figures showed that the median weekly rent of homes dropped by 7.9% over the last year.
Rents for Castle Hill homes declined an average of 1.8%, while in Box Hill – also a hotspot of construction.
Rents for Bella Vista and Baulkham Hills remained unchanged from last year
Analysis of rental records revealed that several Kellyville apartment buildings had more than 10 properties For rent.
The Daily Telegraph also observed rows of "for rent" signs in front of empty buildings at 97 Caddies Boulevard in the nearby Rouse Hill suburb yesterday. In this building alone, several apartments remain for rent
NORTH RIVER
On the Bbade-Côte-Nord, there were 740 vacant positions, ie 4.1% of the rental housing stock. on the North Shore There were 2,200 vacancies, or 3.6% of the total estimated rental housing
. The largest decreases in rents occurred in Cremorne, where the average weekly rent of a typical home dropped by 15.9% over the last year. However, homes in the area remained expensive, despite the falls, with an average price of $ 1125 per week.
In Beecroft, the median weekly rent of apartments decreased by 7.7%. The rent of the apartments in St Leonards decreased on average by 3.6% and that of Cherrybrook by 4.6%
EASTERN SUBURBS
A record number of 3,450 rental units (3, 1% of rental housing))
The higher vacancies in the area, which remains arguably the most popular Sydney market for renters, have not yet affected the advertised weekly rents.
suburb of Kensington, where rents fell by more than 10% for the year.
Rents in most other suburbs in the region remain among the most expensive in the country, with homeowners charging more than $ 800 per week Redfern and Rosebery.
THE FUTURE
M. Christopher said that other falls in rents could occur. "There is now a greater supply of rental housing at a time when the growth in rental demand is probably declining," he said. "Its rents will continue to fall because there is still a lot of supply coming."
Steve Mann, general manager of Australia's Urban Development Institute, said that new supplies were taking time, especially in the Hills area
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"We expect demand will increase when the Sydney Metro Metro Norwest line is opened," he said. "Local data from one region are not representative of the overall situation.Sydney remains one of the most inaccessible markets in the world with a low vacancy rate."
VACATION RATES BY SYDNEY AREA
The Hills 4.9%
North Shore 4.1%
Upper North Shore 3.6%
Eastern Suburbs 3.1% [19659003] Sydney CBD 3%
Northern Beaches 3%
West Sydney 2.8%
Parramatta 2.7%
West Interior 2.6%
Liverpool 2.5% [19659003] Sutherland County 2.5%
Canterbury-Bankstown 2.2%
Saint George 2.1%
Southwest 2.1%
Greater Sydney 2.8%
Source: SQM Research
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