Is now the time to rent in Sydney?

Moving to a new city can pose many challenges. Not only are you getting used to a new pace of life, you also have to embrace the culture of the city head-on in order to make it feel like home.

Sydney, while rich in a variety of cultures, can be a fast-paced environment. The cost of living in Australia's capital can be higher compared to neighbouring cities, but if it's the place that stokes the passions in your heart, then don't let anything put you off – including the rising property prices.

Pricey property on the rise

The Australian Bureau of Statistics reported that for the March 2016 quarter, Australia saw the first property price fall since September four years ago. Despite the 0.2 per cent drop, data by CoreLogic RP Data has found the proportion of houses for sale under $400,000 to be a record low.

Meanwhile, other research by CoreLogic has found that there are now 613 suburbs in Australia that have a median value of $1million. It sounds like it's not quite the right time to break into the property market.

The reduction of rental rates

You can still live in an ideal suburb in Sydney, such as Hurstville, however, without having to buy a property. With rental rates dropping throughout July, you might be able to snap up a good place with a trusted real estate agent.

The average across capital city weekly rents currently sit at $483, which CoreLogic has found is the lowest it has dropped since December 2015. Renting may be just the path you can take in living in your ideal city until property prices are more affordable.

For the best advice, be sure to have the contact details of your local real estate agent on hand. You'll want to know as soon as your dream house is on the market!