Sydney rents over-inflated
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|Tuesday, 16 November 2010|
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.”