Figures out today expose what every renter in Sydney already knows - the market has this year seen its biggest ever price rises. The Opposition is now proposing a new model, to inject more stock into the market. lizziedaniels 9News MORE:
Underlining the intense demand-supply crunch, footage posted to TikTok last weekend showed a large line of hopefuls snaking down a street in Randwick, in Sydney's east.
Around 150 people queued to view a unit in the suburb, which has long been popular with backpackers, young professionals and families.Rental prices in Sydney rose 1.8 per cent from the September quarter to reach a record high, according to the latest PropTrack Market Insight Report.House rents dipped over the December quarter, down 3.1 per cent, but increased by 5.0 per cent over the year.
With Australia's borders now open, and international travel bouncing back post-pandemic, an influx of backpackers and students was exacerbating the situation.Prospective tenants were flooding the market, he said, "largely because they're priced out of the property market".Rents have risen steadily in Sydney in 2022.Following no change in rents in 2021, capital city rents rose 10 per cent in 2022.
"We expect rental prices will continue to grow in the capital cities over the coming months," PropTrack's Cameron Kusher said.Eliza Owen, an analyst with property firm CoreLogic, predicted the rental market outlook would be mixed in 2023. "Overseas migration is likely to place continued demand on rental markets popular with overseas arrivals," she said.Continue reading
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