When you're out to rent property in the eastern suburbs, price could be a barrier. According to census data from 2011, the median income for a couple with children was $3,409 per week, which gives you a fair idea of the price bracket you're likely heading towards as a renter.
While the price tags on real estate in Double Bay and the surrounding areas is large, remember you're also getting your foot in the door on some of the most luxurious homes you can find in the country. They're a stone's throw from the city, and right around the corner from some of the best beaches and boutique shopping centres you can find in the Lucky Country.
Even better, a new report has also suggested that rental growth is at an all time low, meaning you're unlikely to see your rent go up anytime soon.
This information comes from CoreLogic RP Data's monthly review of rents across the nation. Over the month of May, rents in the Harbour City only rose by 0.2 per cent. While year-on-year statistics indicate a 3.1 per cent increase in rental prices, we may now be entering a period of relative stability.
Cameron Kusher, research analyst for the company believes that home owners are focusing more on capital gains than rental yields, which have shrunk by 0.4 per cent over the last 12 months in Sydney.
He also believes that the slow rental growth has occurred because of high investment activity right across the market.
For those seeking rental properties around Rushcutters Bay or any other high-end areas in the east, this is all good news. Less rent growth gives you more financial stability when you want o secure a lease on an excellent home. For more information, get in touch with us at Ray White Double Bay.
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