Eastern Suburbs Rental Market Reaches New Highs
An article on the Property Observer emphasises on the booming rental market in the Eastern Suburbs, Sydney. It has proven so historically and now in the context of the immediate reference point (March Quarter), the Eastern Suburbs is also coming up trumps.
Rental market going from strength to strength
The median weekly rent for a 3-bedroom house in the Eastern Suburbs is $480 and while the rate for this segment hasn’t seen any ascension over the previous quarter, the rate for 5+ bedroom houses ($850) has witnessed a marked increase of 6.9%. And that’s saying something!
3 bedroom, 4 bedroom, and 5+ bedroom houses
Even for the 4-bedroom houses, median weekly rent of $620 marks an increase of 1.6% over the last quarter. The Year to Date changes, Year to Year changes and 5 year annual changes reflect more than decently for all the segments, too.
The units have done just as well, having witnessed an increase of 1% over the last quarter in rental rates.
Northern Beaches a faraway second
Eastern Suburbs (7.1% hike over the last quarter) has beaten its nearest rival Northern Beaches (4.4% hike over the last quarter) by a fair distance. In another interesting run of statistic, Eastern Suburbs now scores as the only territory in Sydney where the median weekly rent has shot past the $1,000 barrier.
You can read the original article here.
Having specialised in the Eastern Suburbs region, I have always taken great interest in its progress. It has always been a popular destination for house hunters because of its close proximity to the city and the vast range of shopping and dining experience that it provides.
Superb demand for rental homes in the Eastern Suburbs
Not only do we have a powerful demand for rental homes, we are also witnessing a trend towards longer leases and a definite departure towards well-managed rental markets (private). The tenancies on view are fairly stable and the quality is very high. A word needs to be put for the credit counselling services, no interest loan schemes and aged-care services, all of which makes Eastern Suburbs a happy hunting ground for investors and rental home seekers alike.
The expected slump in demand in January notwithstanding, February showed its plumes and the rental market in Eastern suburbs is all set to move from strength to strength from here.