Sydney Today, April 4th, Australian Eastern Time, the latest data from the Australian Property Supervision Center showed that after the end of the first quarter, as first-time home buyers returned to the market, rents in Sydney fell, and the pressure on the rental market in Sydney eased.
The average weekly rent of houses in Sydney has not changed, and the weekly rent of apartments has fallen by 2.2%. The development trend of the housing rental market in the capital cities of Australia in the first quarter was similar. The average weekly rents of houses and apartments either remained unchanged or declined.
These results show that due to the increase in purchasing power and the return of first-time home buyers to the housing market, competition in the rental market has decreased; Sydney’s performance is particularly pronounced, with a substantial increase in first-time home buyers at the end of last year. However, Sydney is still the capital city with the highest rent in the country. The average weekly rent for houses is A$500, Melbourne is A$360, Brisbane is A$380, and Perth is A$400. For apartments, Sydney is AUD 450, Melbourne is AUD 350, Brisbane is AUD 365, and Perth is AUD 350.
For tenants, the better news is that the number of houses on the Sydney rental market has increased by 2% as of the end of last month, and the number of apartments has remained the same as in previous years. However, although the activity of buyers is expected to increase, the continued shortage of accommodation, the decrease in the supply of new houses and the inactivity of investors all make the rental market remain under pressure in the coming time.
English version: http://smh.domain.com.au/real-estate-news/sydney-rental-fall-takes-the-heat-off-tenants-20120413-1wx6e.html