Natalie Hortz and Jim Forsyth are interested at the prospect of securing a discount on their rent. Picture: Sam Ruttyn.
Tenants have a limited window to take advantage of discounted rents in some of Sydney’s most desirable suburbs.
Prestige suburbs such as Point Piper, Kirribilli, Birchgrove and North Bondi recorded some of the greatest declines in rental prices in the past year of up to 33 per cent, new data from realestate.com.au has revealed.
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This was despite rents in Greater Sydney increasing 7.2 per cent for houses and 1 per cent for units in the past 12 months.
Many inner-city suburbs were hit hard by the pandemic due to lockdowns, border closures and an increase in demand for fringe and regional areas.
And with the vaccine rollout ramping up and international border restrictions set to be eased in the next 12 months, renters have been warned the days of a good deal in some locations are running out.
Realestate.com.au analyst Cameron Kusher said the market remained weak in many suburbs with plenty of apartments available as renters looked to lifestyle areas.
“Places like the Central Coast and suburbs on the fringe of the city have seen a significant increase in rental values,” Mr Kusher said.
He said inner-city areas would likely see a surge in demand once borders reopened and with more people returned to the office.
A two-bedroom unit at 48 Upper Pitt St, Kirribilli is currently for rent $100 per week cheaper than the $800 per week it was advertised for in 2020.
Point Piper, Birchgrove, Paddington and Kirribilli were all inner-ring suburbs where unit tenants are renting for cheaper than a year ago.
Rental values plunged 33.33 per cent in Point Piper to $1000 per week, while Kirribilli recorded a 20 per cent decline.
House renters could find the best savings in Clovelly, North Willoughby, North Bondi and Northbridge, which all recorded 30 per cent plus declines in the past year.
Ray White Surry Hills head of property management Melinda Fiori said tenants looking for a deal were running out of time with the market predicted to rebound.
A renter managed to lease a unit inside this Wolseley Rd block in Point Piper for 18 per cent less than a year ago.
Natalie Hortz and Jim Forsyth said they’ve noticed more activity in the rental market Picture: Sam Ruttyn.
“A sense of stability is the golden ticket to tenants looking to get a good deal,” she said. “Tenants who can offer stability with 12 to 24 months (leases) are having a great success at locking in favourable rents as the market picks up.”
Inner west renter Natalie Hortz and her partner Jim Forsyth are eyeing off inner city suburbs that still offered good deals, such as Paddington, after their rent was raised in Erskineville.
“We would certainly be tempted to move to somewhere still affordable such as Paddington,” Ms Hortz said.
The inner west local added she had noticed more activity in the rental activity from a price point.
Year-on-year decreases:
UNITS
Dundas Valley-38.18%
Point Piper–33.33%
Birchgrove-26.56%
Paddington-22.94%
Beverley Park-20.35%
Kirribilli-20%
Silverwater–19.44%
Breakfast Point-19.42%
Thornleigh-18.92%
McMahons Point-18.46%
HOUSES
Clovelly-37.04%
Nth Willoughby–33.60%
North Bondi-31.22%
Northbridge-30.57%
Dundas-28.57%
Hunters Hill-26.30%
Beacon Hill-25.64%
South Coogee-24.14%
Willoughby-23.13%
Beaconsfield-22.36%
Source: Realestate.com.au
The post Inner city suburbs offer renters the best bang for buck, but time is running out appeared first on realestate.com.au.
Some of Sydney’s most desirable suburbs are offering renters unbeatable deals, as experts warn tenants are fast running out of time to secure a good price.
The post Inner city suburbs offer renters the best bang for buck, but time is running out appeared first on realestate.com.au.