Rent drops in popular inner Sydney suburbs
Real estate prices in Sydney have been notoriously high. Luckily for renters, prices in several popular suburbs have recently dropped.
In suburbs such as Neutral Bay, Bondi, Waterloo, Surry Hills, and Manly, average weekly advertised rents have decreased by a substantial $50-plus. This means an annual savings of at least $2600 for lucky renters.
The lowered cost of rent comes as a result of a rise in inner city vacancy. Landlords have had no choice but to lower their advertised rent or risk lacking tenants.
In April, vacancy rates were at 1.7 per cent. By late July, that percentage had risen to 2.6, according to the Real Estate Institute of NSW.
This is not the case, however, for outer suburbs, whose vacancy rates have dropped down to 1.7 per cent. This could mean increased rates for outer renters.
Below is a list of the average decrease in advertised rents per inner suburb:
- Manly houses $125
- Bondi Junction houses $75
- Killara houses $70
- Milsons Point units $53
- Avalon Beach houses $50
- Neutral Bay houses $50
- Little Bay houses $43
- Peakhurst units $27
- Surry Hills houses $25
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