Clovelly was the biggest earner for landlords, notching a $381 rise in weekly rent to $1828, handing landlords an extra $19,812 over the past year.
Rental houses in Sydney’s affluent eastern suburbs delivered landlords nearly $20,000 in extra income over the past 12 months, powered by strong demand and scarce supply, data from CoreLogic shows.
“We aren’t seeing much in the way of a rental supply response yet, with private sector investment activity continuing to trend lower and more funding for ‘build to rent’ projects and social/community housing announced in the federal budget will take some time flow through to completed stock.”Rental houses in Bondi, Vaucluse, Coogee, Randwick, South Coogee, Woollahra and Bronte all racked up weekly increases of at least $200 a week or $18,300 a year.
Across the country, houses and units across 195 suburbs made at least $5200 a year in extra rent during the same period.Median rents hit a fresh high over the year to December, climbing by 10.2 per cent nationwide, led by a sharp jump in unit rents across Sydney, Melbourne and Brisbane according to CoreLogic.
“I think we’ll see a flow of Airbnb properties back into the long-term rental market due to some government interventions and a slowing economy. I believe we now have an oversupply of Airbnb properties in the market, where every suburban homeowner thinks their property is a holiday home.Kent Lardner, founder of Suburbtrends said affordability would also play a part.
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