- 7th November 2016
- Posted by: niknafs
- Category: Real Estate, Rental Market
Are you looking to invest in properties across Sydney? Or better still, you already have a property and looking to put it up for rent? Do you want to get the hang of the current rental property market in the Sydney? Then this article has all the information you’re looking for. The real estate market in Sydney has experienced skyrocketing prices and huge demands for rent. This singular factor has forced the government to approve plans for new medium density development across Sydney. According Stewart Saunders, Bankwest general manager, development approvals for new units grew by almost 6% in March 2017. That’s not all, the report also states that Sydney is the only capital city in Australia to witness a jump in approvals considering Sydney’s approval rating of over 11%. According to Stewart Saunders, this growth has created a competitive market that is indicative of the growing demands for properties across Sydney. What does this mean to rents? I’m glad you asked.
Giving the growing demands for property in Sydney, there is no doubt that Sydney’s rental market offers property investors a fertile ground to invest. There is even more. Sydney is known to be one city across Australia that witnesses an influx of people yearly and guess what? These people are always on a look out for a property to rent.
In Blue mountain and Canterbury, where demand for property lease is experiencing an upsurge, the average median rent is put at $480 weekly. And even though the government is approving new developments across these regions, the demands for rental property in these areas are steadily increasing the price for rent. This may further be spurred by the increasing population in this region. Giving this trend, it wouldn’t be out of place to state that Sydney’s rental property market is duly positioned to favor property investors. So, if you have the money, it may be a good time to make the most of the rental property market in Sydney.
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The real estate market in Sydney has experienced skyrocketing prices and huge demands for rent. This singular factor has forced the government to approve plans for new medium density development across Sydney.