This article is from the Australian Property Journal archive
RENTS in exclusive Sydney suburbs Clovelly and Rose Bay have shot up by $600 or more this year, as the country continues to face a rental crisis.
Data from PropTrack shows Sydney suburbs saw the largest spikes in median rental prices nationally, dominating the top 10 lists for both houses and units.
Clovelly and Rose Bay, in Sydney’s eastern suburbs, have seen median weekly house rents lift by an eye-watering $633 to $1,995 and by $600 to $2,000 respectively so far in 2023.
Next was Middle Cove, on the lower north shore, up $525 to $1,700.
Gold Coast trio Surfers Paradise, Paradise Point and Clear Island Waters followed, ranging from $400 to $430 weekly increases, with Sydney’s Riverview, Double Bay, Vaucluse and Balmain East rounding out the top 10.
Caringbah South topped the increases in median weekly rents for units, having risen $230 this year to $980 per week.
Eveleigh has also cracked a the $200 increase mark, hitting $838 per week. Next were other Sydney suburbs Millers Point, Haymarket and South Granville, while Sylvania and Zetland were also in the top 10.
Soldiers Point, in the Hunter region, Glendale, in Newcastle and Brisbane’s Banksia Beach also made the list.
SQM Research data showed vacancy rates sat at just 1.0% nationally in February. That has pushed up prices, and the share of total properties, and the share of total properties listed for rent below $400 per week has nearly halved in the past year, according to PropTrack.
The fall in the availability of more affordable rentals and the surging competition for rental stock is creating challenges for those on lower incomes or government support payments as they try to source increasingly scarce rental accommodation. A report from Anglicare found that the government’s Commonwealth Rent Assistance payment leaves one in two of its recipients in rental stress, as the supplement fails to keep up with the current rental environment.
NSW and South Australia have recently joined other states in outlawing rental bidding, the practice where a landlord or agent invites, suggests or asks prospective tenants to increase their offer of rent for a property in order to secure it.
