Sydney house rentals have continued to rise in 2017 with rental markets in most capital cities tightening providing no relief for tenants. Sydney and Darwin remain clearly the most expensive capitals for tenants with both cities reporting an increase to the weekly median rent in the March quarter to $550.
For units Sydney now boasts the highest weekly rent at $530 per week, significantly higher than the other capital city, which is led by Canberra at $428 per week. In Sydney’s Eastern Suburbs, house prices continue to increase getting closer to global meccas Manhattan, Central Tokyo and West London. The distance between the harbour city and the rest of Australia becomes increasingly obvious as prices continue to rocket.
According to Michael Krimotat of Ray White Double Bay, renters are also struggling to find homes, with data showing there has been a 12.5% increase in rental demand in NSW over the past year, an 8% jump in the last month.