Finding a favourably priced rental property in Allawah is high on the wish list for many tenants, so the latest figures could be about to make the situation much easier. CoreLogic rental data compiled on behalf of the Property Council of Australia shows national rents have declined for the first time in 20 years.
“Real rents have been growing at an ever slowing pace since 2010 when they were at the six per cent mark,” noted Ken Morrison, chief executive of the Property Council.
“But in January and February average national real rents have fallen. In February, it was -0.1 per cent.”
The results showed that in Sydney, the average weekly rent for a house currently stands at $613, while for units it’s $543. These statistics are still considerably higher than the averages across the eight capital cities, which stand at $487 and $465 respectively.
Sydney is an exception to the rule in that it’s rents are growing, Mr Morrison emphasised, but nevertheless the rate of expansion is now at its lowest level since 2005.
Another recent report suggested that renting could be more affordable than owning a property at the moment. The December 2015 quarter Adelaide Bank/Real Estate Institute of Australia Housing Affordability Report found that an average of 24.6 per cent of family income is spent on meeting rental costs.
New South Wales was named as one of a few regions where rental affordability had improved since the previous quarter, alongside South Australia, Western Australia, and the Northern Territory.
Whether you want to rent a home in the Sydney area or are interested in learning more about property management in Allawah, speak to us here at Ray White Carlton. We’re experienced in buying, selling and renting out properties in this highly desirable part of the country.