So, the friends who have just come to Sydney, those who want to change house, those who think it`s too expensive to live in, here`s the good news!
Sydney`s rent has finally fallen by 2019, according to a new market report.
This is the first time in 12 years that Sydney`s rent has fallen.
So far, Sydney`s house price has fallen and is no longer the most expensive city in Australia.
According to (Domain Rental Report), real estate`s Domain rent report,
Sydney`s average rent price fell 1.8% compared with last year.
It also means the Australian capital Canberra officially overtakes Sydney to become the most expensive city in Australia.
In a January rent report, the median weekly rent in Sydney, a seaport city, fell to A $540, or A $20 below Canberra!
The apartment rent fell to A $530 a week.
(image from ABC News)
Apartment rents fell for the first time in a row for two consecutive quarters since Domain, the real estate website, began real estate leases in 2004.
Apartment rental costs have fallen to 2017 levels.
The figures show that rents in northwest Sydney fell nearly 4.8% compared with the same period last year, not the biggest drop.
Rents fell by 5% in northern Sydney and about 7.4% on Sydney`s downshore.
In fact, with the exception of one area, rents in every area of Sydney are on the decline.
Only Blue Mountain rent has risen nearly 3%. (of course not living in a cave)
(three Sisters of Blue Mountain, Sydney)
Joanna Quilty of the New South Wales Social Services Council says falling rents are good for low-income people.
According to a recent report, less than 1% of rented homes can be affordable to pension or social security recipients, so any sign of a decline in rents is clearly a good thing. According to the Financial Analysis newspaper,
A one-bedroom renovated Neutral Bay,Waters Road apartment in (Lower North Shore), down Sydney`s north bank, is being rented.
At the beginning of January, the apartment was priced at A $550 a week, but the landlord quickly raised the rent to A $530 a week because there were very few tenants looking at the apartment.
In early February, when prices were again forced down to A $500, the landlord received a rental contract.
It is reported that the same situation occurred in other areas of the north shore.
Sarah Latham, a legal representative of real estate`s Latham Cusack, told journalist,
The days of rent increases seem to have passed. When the rent of other agents falls, we also have to lower the rent. Financial analyst Louis Christopher from SQM Research said:
The weak performance of Australia`s economic has exacerbated the severity of the problem, and the drop in rents in rich areas and high-end real estate is a sign of a slowdown in economic.
Most tenants prefer to choose cheaper areas around them.
Nicola Powell, a senior research analyst at Domain, said the drop in Sydney rent could lead to a delicate relationship between change tenants and landlords.
"this is a problem of oversupply over demand."
Nicola says,
We expect rental supply to increase further in 2019, giving tenants more dominance.
Because an increase in the supply of housing will give tenants greater bargaining over rights.
I think what we can see is that landlords will offer rewards and even lower rents. Nicola predicted that it had already happened by the beginning of 2019.
A tenant looking at a house in Waterloo, south of Sydney City, said it was no longer in the early days of waiting in line to look at a house, according to a tenant who was in Waterloo, south of Sydney City. The landlords prefer to negotiate the rent with the tenants.
"some landlords even offer rent-free concessions for one to two weeks," he said.
Such situations also abound in the CBD region.
Experts say a significant supply of new apartments is expected to be absorbed in the next 18 months.
At that point, rents may be forced to rise again.
For friends who are still renting, this is undoubtedly great news!
For landlords and friends, it may not be until 2021 that the "second spring" will be ushered in.
All right, forget it, the editor is going to see house, boots ~
