Influx of rentals flood Ryde: Herron Todd White
There has been an influx of investor-purchased residential units flooding the rental market in the northern areas of Sydney, particularly around the Ryde LGA, according to valuation firm Herron Todd White.
The HTW November report goes on to suggest that property managers have advised that prospective tenants have become more discerning in their choices, are negotiating asking rents down and are looking for units with additional features such as views, common property facilities and unit orientation.
"It is anticipated that it will take a longer than normal time for these units to be leased.
"Owners of these units will need to be competitive in their pricing in order to secure tenants.
"This will have a flow on effect to established units in the area with rental levels being adjusted down in the short term.
"Currently the median unit price for Meadowbank is $643,000 with -1% growth in the 12 months as per APM with a median rental of $420 per week as per CoreLogic RP Data.
"This results in a gross yield of 3%."
