Sydney Rental Market hits Crisis Point

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Sydney Rental Market hits Crisis Point - nsw rental crisis - Getting Down Under real-estate, rental costs in sydney, Sydney, sydney rentalsI remember when we first arrived in Australia back in late 2006 and I wrote about the problems we experienced trying to find a rental property here in Perth.

Speaking to friends and work colleagues who are currently in the ‘Rental market’ it seems that similar problems still exist, however compared to the other side of Australia in New South Wales the job of getting a rental here in Western Australia seems a relatively easy one.

The shortage of available rental properties in Sydney is such an issue at the moment that some agents have made complaints of being abused and threatened by frustrated prospective tenants.

The frequency of such events isn’t a low figure either with an Institute survey finding that 32 per cent of real estate agents had been threatened or abused within the past month.

When we were looking for a rental here in Perth we found that we ended up having to pay significantly more to rent a property then we originally planned simply because the more you were willing to pay then the lower the competition. The situation in Sydney appears to be a similar one also.

New figures show that the rental crisis is easing in well-to-do suburbs of eastern and northern Sydney but renters in the city’s south-west and western suburbs are finding it harder than ever to secure a place to live.

The property market analyst SQM Research says the Sydney-wide rental vacancy rate – a figure showing what proportion of properties are available – is 3.6 per cent.

The figure appears to be a pretty accurate one to. Popping on over to Realestate.com, I did a quick search for a three bedroom house to rent in the Sydney area and only got 7 results with rental prices for the properties starting at $600 per week and going up to $1200 per week!

Thats a lot of money for any property, it’s a landlords market by the looks of things and it seems like they’re taking plenty of advantage of the situation to.

If you should take anything from this entry then it’s this. If your heading out to Sydney and plan to rent in the early stages after your arrival make sure you do plenty of homework on the rental market in the areas your interested in.

A little homework and planning will certainly help reduce any stresses associated with finding the property you’ll be calling home when you arrive down under and with the way things are looking at the moment I have a feeling you’ll be pretty damn glad you did :)



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