Sydney rents are falling but not everywhere: Nerida Conisbee
EXPERT OBSERVER
Sydney rents are falling, they have dropped by 2.9% over the past 12 months.
For renters, it is no doubt a relief in a city that is so expensive.
High levels of building and enthusiastic investors during the peak of the market are the two main drivers of this decline.
Like prices, we are seeing quite different conditions in western Sydney compared to more expensive locations close to the city.
The median rent for a house in the eastern suburbs may be well over $1,000 per week but prices are holding steady.
At the other end of the scale, rents for units in south-west Sydney have dropped by 4%.
One area that is doing well and is relatively affordable, is the central coast. Rents are holding steady and we are seeing relatively high levels of demand, so we can expect rents to remain steady.
NERIDA CONISBEE is the chief economist for the REA Group
