Sydney rents over-inflated

Belinda Luc

Sydney’s supply crisis is continuing to hurt renters, Urban Taskforce's Aaron Gadiel said.

The average rent for a three bedroom house in Sydney’s outer suburbs over the September quarter increased by 2.9 per cent, two-and-half times the quarterly inflation rate.

Pittwater, Wollondilly, Penrith, The Hills District and Campbelltown had high rental growth. In Pittwater, median weekly rents jumped $35 to $695.

“In the last four years, median rents for three bedroom houses in outer suburban Sydney have soared by 44 per cent – that’s an average annual increase of 9.5 per cent,” Mr Gadiel said.

In Sydney’s inner city suburbs, median rents for two bedroom apartments increased from $540 to $550 over the quarter – a 1.9 per cent jump from the June quarter.

Waverley, Lane Cove and Mosman incurred the largest inner city rent increases, with remnts increasing an average $25 a week to $550 in Waverley.

“Sydney’s land release program is token at best, with lot production crippled by red tape and high development levies.”

 

Belinda Luc

Sydney’s supply crisis is continuing to hurt renters, Urban Taskforce's Aaron Gadiel said.

The average rent for a three bedroom house in Sydney’s outer suburbs over the September quarter increased by 2.9 per cent, two-and-half times the quarterly inflation rate.

Pittwater, Wollondilly, Penrith, The Hills District and Campbelltown had high rental growth. In Pittwater, median weekly rents jumped $35 to $695.

“In the last four years, median rents for three bedroom houses in outer suburban Sydney have soared by 44 per cent – that’s an average annual increase of 9.5 per cent,” Mr Gadiel said.

In Sydney’s inner city suburbs, median rents for two bedroom apartments increased from $540 to $550 over the quarter – a 1.9 per cent jump from the June quarter.

Waverley, Lane Cove and Mosman incurred the largest inner city rent increases, with remnts increasing an average $25 a week to $550 in Waverley.

“Sydney’s land release program is token at best, with lot production crippled by red tape and high development levies.”

 

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