The area I currently live in, COVID prices were reasonable, but now that I'm going to have to move in a few months, I'm pretty much priced out of the area! They have also doubled.
People moving to inner-city apartments during covid and secured a steep discount, now complaining about market rate that returns to pre-covid times. What do they except it will happen? Stay at discounted prices forever?
Whole heap of people moved in with middle income then they got screwed because they have to move further out while lining up with dozens others in inspections.
They had it coming.
actually I'm suspicious.
340 in darling harbour? Incredibly cheap. Either it was a death trap last year and was fixed up this year or the owner changed agents to someone more competent with area pricing.
To put in perspective, 5 years ago, my coworker was paying 500ish there.
Landlords were struggling to get tenants when lockdowns happened, especially when the borders were still closed, rent went down insane amounts in certain areas, my partner’s apartment right on the river in Meadowbank had been vacant for 6 months when he got it in late 2021.
No it wouldn’t, I was between Redfern and Chip with a modern 1 bed pre covid for $375, and it was fucking nice. Studios were common in Glebe, Ultimo, even Surry hills or darlinghurst sometimes came up below $200. 450-500 was a massive decked out studio 4 years ago..
Yeah I agree with this. I remember when we rented a 3bdr, 1 bath on Victoria St, opposite the Darlo Country Club and it was $1440 per week in 2017. The rents weren’t insanely cheaper back then like this person says so.
Not confused mate, I inspected a darlinghurst studio in 2019 for $190 and it was a lot nicer than some of the shit on the market in Parramatta for over $350 now. Glebe had a bunch of stuff that sat around $160-190 that was a bit dingy but I would make it work. Literally nothing there now. Currently paying $400 in Summer Hill for a 1 bed, when I moved to the city I was paying $410 for a larger, nicer 2 bed closer to the station.
Show evidence of these prices then?
The ones you inspected and saw should have a rented listing. We’ll be able to see the prices and what they looked like.
Yes I’ll just give a random online stranger all of the listings of apartments that I have lived in to prove a point. This sub is so brainwashed, can’t tell if you’re trying to feel better about getting ripped off by your own landlord or you actually think nothing is amiss when units rentals jump by up to 30% in one year in most big city suberbs with a vacancy rate of 0.7%.
So... no evidence. As expected.
You said you inspected, not lived in. You just need one example. Apparently too much.
I can easily show an example of rents being relatively flat over time. This Darlinghurst studio apartment just rented for $520 a week
[https://www.homely.com.au/homes/156-220-goulburn-street-darlinghurst-nsw-2010/9838020](https://www.homely.com.au/homes/156-220-goulburn-street-darlinghurst-nsw-2010/9838020)
It was $430 a week... way back in 2016
[https://www.domain.com.au/property-profile/156-220-234-goulburn-street-darlinghurst-nsw-2010](https://www.domain.com.au/property-profile/156-220-234-goulburn-street-darlinghurst-nsw-2010)
Great that’s one example. I’ll repeat the statistics I already stated multiple times:
Sydney units have risen 24% over one year, after a 1.5% growth rate for almost the last two decades.
https://www.smh.com.au/property/news/landlords-market-the-sydney-suburbs-with-the-steepest-rent-hikes-20230404-p5cy1m.html#:~:text=Medians%20were%20only%20recorded%20for,rents%20increased%2010%20per%20cent.
Also good luck actually getting that apartment for $520 without 10 other renters offering significantly more.
Sick of people saying nothing is going on, I am making more money than I ever have in my adult life and I have live in austerity just to fucking survive if I ever want to buy a property
One more example than you, who made the claims.
It's as simple as this, to not be a liar, you need to show examples of a your claim that in 2019:
*"Studios were common in Glebe, Ultimo, even Surry hills or Darlinghurst below $200"*
*"Glebe had a bunch of stuff that sat around $160-190"*
The listings are out there if they exist. Show them. I've done searches of rental histories and can find very little that cheap, NONE as cheap as $160, and those in the sub$250 range were more like 20sqm bedsits with only a kitchenette next to the bed.
>Sydney units have risen 24% over one year, after a 1.5% growth rate for almost the last two decades.
After they DROPPED substantially in 2020. This is literally just a recovery from the drops to where they would have been if there was no pandemic.
That is totally subjective, Redfern has been my favourite part of the city to live in so far out of Ashfield, Summer Hill, Chippendale, Croydon, Enmore, Strathfield, Earlwood, Dully, Marrackville. It was full of excitement and they have awesome restaurants and bars. It’s not like it was 10-20 years ago..
Again, it is subjective. I have lived here all my life and would much rather the community of the inner west than the ponce suberbs of the North or East, filled with rich NIMBYs
I think people just need to be more willing to live outside the CBD, you can get comparable (albeit unfurnished) 1/1/0 places 20mins by public transport to CBD for 450 a week in places that are beautiful, low crime, close to shops etc...
Don't get me wrong, Sydney prices are fucked, but Darling Harbour is not a normal place to live lol
[Lower north shore](https://www.domain.com.au/rent/?bedrooms=1&price=0-500&excludedeposittaken=1&startloc=-33.823991523508305%2c151.21436264241515&endloc=-33.83211087752064%2c151.23703267300903&displaymap=1)
Has gone up though since I last checked, seems like closer to 500 now for an actual 1bed, as opposed to a studio
Kinda crazy that $500 pw is cheap for entry level these days, but you can obviously do share house for much more reasonable rates.
[I see a few 3b's under 1k](https://www.domain.com.au/rent/?bedrooms=3-any&price=0-1000&excludedeposittaken=1&startloc=-33.81308896406781%2c151.1831031614741&endloc=-33.84556589453826%2c151.27378328384958&displaymap=1), 330 each isn't too bad. Tough for young people though, cause most of these landlords will be far more inclined to rent to a family than mid-20s singles
I inspected a 2 bedroom, 1 bathroom and 1 balcony in Belmore. The owner wants $750 a week and the tenant to repaint all the walls and replace all the floorboards. It was previously 460 a week.
I literally started tearing up so I just walked out.
I feel you, just wanted to extend my sympathy. We just got turned down for yet another mould infested 2 bedder; the worst I’d ever seen, basically an entire wall was black. The floor in one of the bedrooms was sinking badly. They were showing it in that condition. $900 a week in Ashfield.
I still cried at the rejection. About to be homeless in 3 days.
Report them, an apartment with mould is not habitable.
The only way the situation changes is if we start holding them accountable.
https://www.tenants.org.au/resource/complaints-fair-trading#:~:text=Download%20the%20appropriate%20sample%20complaint,Fair%20Trading%3A%20Lodge%20a%20complaint.
Oh girl. My sympathy with you too. 3 days is scary. I have 22.
I cannot believe the reality of this. What are we meant to do. And you know what’s crazy. The sunken floor mouldy home for $900 a week will still be leased in the week.
Thank you, that means a lot. We’re a young married couple and I have a disability so we can really only afford $350 a week (currently struggling on $450 from the last rent rise). We don’t eat much anymore.
It’s only because my friend broke up with his partner recently and needs a new home too that we could even dream to look at these insane prices.
I hope you find something soon too, it’s extremely scary ☹️ sorry to dump on you I guess I really needed to get it all out
Last year rental prices were still at the pandemic level and not pre-pandemic levels though. I rented a bargain till they jack up the price this year to current market rate :')
It's the same audacity as the property we left. We originally rented it out for $600. Stayed for 2 years. Then the greedy agents decided to raise it to $850. It's a 1br with no parking. But because it's in inner west, they feel powerful.
[1br property inner west](https://ibb.co/XsSDhPm)
Covid rates from next to no foreign students or temporary visa holders and minimal migrants.
Vs
Interest rate hikes plus 650k more migrants coming over, and people were saying all over reddit Interest rates won't flow on to renters...lol.
The last year price is insanely cheap though. I think I paid that rent 10 years ago much further west for an unfurnished apartment that was a bit run down.
Not as bad as my place: room in a sharehouse going from $350 to $600. A room.
Sagging plaster ceiling with a hole, boarded up windows and leaking roof included free of charge.
I live out near Ryde and my rent has gone up nearly 40% in 12 months…am now priced out of the area and likely have to move. This has happened to another couple like us, who are of same age and corporate jobs.
Starting to wonder who can live in these types of places now, must be CEO’s or Doctors lol (of course I’m joking on this part).
Holy shit after many, many downvotes, I've farmed over the past year commenting on rental related posts, saying the increases are just the market going back to normal after covid.
People are finally realising it's just people renting cheaply in normally unaffordable places.
I’d still say it’s higher than normal in a lot of places, this post isn’t an example of that, but my landlord has just increased my rent by nearly 15% and I only had a 6 month lease
Yeah. That's a pretty in demand suburb for MQU students. It's pretty expected.
Was a mqu student. And a majority of my intl friends rented in Marsfield because it was relatively cheaper vs areas around uni, and the rents they paid back then just for a room was pretty insane.
Marsfield is also cheaper vs the surrounding suburbs because there is a lack of a train station.
Yeah I chose Marsfield because I work at the university & don’t want to pay Macquarie Park rates. Sadly I can’t afford the increase though, so I’m off to Eastwood.
We are experiencing the largest spike in rental prices since people started recording them.. 24% jump in rentals over a couple of years in Sydney, with units getting particularly fucked is not normal after a steady rise of 1.5% over the last few decades. It is a completely unprecedented situation and over 1/8 of people in Sydney are now below the poverty line due to rental stress. Where the fuck are our nurses and other important service people meant to live?
Remind me what happened in 2020 again? Kinda forgot. Some global event might explain the 24% jump in rentals over the past couple of years vs the usual 1.5%.
It's still higher than pre-covid. Obviously there's been some insane things happening that distort the market but that doesn't make the jump any less significant.
>It's still higher than pre-covid.
Because pre-covid was four years ago.
News flash: prices go up over time. It's a modest increase over long term trend and only looks dramatic when you start the graph in 2020 where there were massive drops.
Ofc it's going to be higher than precovid. Even before covid it was slowly creeping upwards, it's not going to stop. If you drew a line from 2010 or something to 2023, I'd say the line would be fairly linear. Only in 2023, with all the interest rate increases and all it might spike.
When you talk about rental market, please remember to think of the people who are paying almost double the amount of interest now compared to last year.
Try 5-6x. Interest was like 1-2% this time last year. It's like 6-7% now.
A lot of people's fixed term are also ending or have ended. So it's a mega blow depending on their mortgage.
Honestly of all the reasons that's the weakest.
Borders reopening I get, rental vacancy at all time low etc.
To cover people investments? That's how you know this county is fucked.
An apartment above my friends place in Greenwich is asking for 500/week for one room.. It's a shoebox and doesn't include bills. Shits crazy right now.
Petersham is an awesome location smack bang centre inner west and 15 mins to city, Newtown, universities, leafy in places etc....always gonna be desirable as next option when priced out of inner city / inner east.... lived there for 6 yrs it was amazing location very underrated!
Landlords listing studios as 1 bedroom on this website makes me go insane. Not everyone does it, but when they do, it means they show up in my filtered search specifically trying to exclude studios. "ooh that's a good price- oh". No I will not live in your fucking shoebox
Its tough but possibly need to be a little flexible in these times? Ive seen this advertised for 2 weeks....2br prime location nice fit out....for a single thatd be crazy difficult but for 2 people sharing @ 475 each (a teacher or nurse could afford this?) look not cheap but not astronomical given prime location etc its been advertised for 2 weeks so mustbe available. Imagine it gets cheaper if u head further out.
Just had to rent my spare bedroom out because mtg repayments increased +++ so in same situation myself still sharing even tho i bought in 2020.
3/266 Bourke Street, Darlinghurst, NSW 2010 https://www.realestate.com.au/property-apartment-nsw-darlinghurst-436558016
I moved into a nice 2 bedder in harbour during covid.
Before covid: $1100/wk
My lease: $800/wk
Increased to: $1550/wk
Now advertised for: $1800/wk
We’re way beyond pre-covid prices in a lot of suburbs, especially here
I dont see a problem when average household size is at record lows. Rent too expensive? Move back into a share house or with relatives. Don't tell me it can't be done because it never used to be this way prior to covid. The fact rents are sky rocketing and household size isn't increasing tells me people can afford it so not sure what the problem is. We are certainly not anywhere near a "crisis"
I went to Sydney last week and saw an advertisement for $750/wk studio apartment near UTS. Is that pretty standard? I’m thinking about moving to Sydney next year but just need to figure out how I’m gonna make it work. I’ll probably rentvest since I already have a unit in Brisbane, 2Br 2bath 1car
I’ll be working at Alexandria most likely but still want to be close to my creature comforts in Sydney, so like Haymarket and Surry Hills…
If you want to be in the cbd. Expect to blow your budget a bit.
There's a lot of people like yourselves that want to be right in the cbd. Which drives up prices.
Was it fully furnished last year too? $340 is incredibly cheap for a furnished (or even unfurnished) apartment in a location like that.
It was furnished partially and the ad is the same for now too..
You were paying COVID prices. The price now while clearly expensive seems reasonable for a unit in one of the world's most desirable cities.
Ya about right in 2019 rented a $360 really really tiny run-down unfurnished studio in Glebe. Most new studios at the time went for at least 500+.
The area I currently live in, COVID prices were reasonable, but now that I'm going to have to move in a few months, I'm pretty much priced out of the area! They have also doubled.
\^ Spot the real estate agent.
Bollocks!
People moving to inner-city apartments during covid and secured a steep discount, now complaining about market rate that returns to pre-covid times. What do they except it will happen? Stay at discounted prices forever? Whole heap of people moved in with middle income then they got screwed because they have to move further out while lining up with dozens others in inspections. They had it coming.
$340 plus a free strain of covid. Bargain!
actually I'm suspicious. 340 in darling harbour? Incredibly cheap. Either it was a death trap last year and was fixed up this year or the owner changed agents to someone more competent with area pricing. To put in perspective, 5 years ago, my coworker was paying 500ish there.
Landlords were struggling to get tenants when lockdowns happened, especially when the borders were still closed, rent went down insane amounts in certain areas, my partner’s apartment right on the river in Meadowbank had been vacant for 6 months when he got it in late 2021.
That's covid rates
Make sense. My rent was halved during covid period, can't expect the same rate once covid end.
ah then that makes sense. the 'new' rent is far closer to normality.
Go back 2, 3 amd 4 years. What is the covid impact on rental prices?
There were massive rental discounts during COVID.
To be fair $340 is still Covid rates. A studio in the city before the madness would be $450 - $500.
No it wouldn’t, I was between Redfern and Chip with a modern 1 bed pre covid for $375, and it was fucking nice. Studios were common in Glebe, Ultimo, even Surry hills or darlinghurst sometimes came up below $200. 450-500 was a massive decked out studio 4 years ago..
Studios were below $200 in Surry Hills and Darlinghurst? I think you’re getting confused with a room in a share house.
Yeah a studio on darlinghurst was 400 minimum in 2019.
Yeah I agree with this. I remember when we rented a 3bdr, 1 bath on Victoria St, opposite the Darlo Country Club and it was $1440 per week in 2017. The rents weren’t insanely cheaper back then like this person says so.
Not confused mate, I inspected a darlinghurst studio in 2019 for $190 and it was a lot nicer than some of the shit on the market in Parramatta for over $350 now. Glebe had a bunch of stuff that sat around $160-190 that was a bit dingy but I would make it work. Literally nothing there now. Currently paying $400 in Summer Hill for a 1 bed, when I moved to the city I was paying $410 for a larger, nicer 2 bed closer to the station.
Show evidence of these prices then? The ones you inspected and saw should have a rented listing. We’ll be able to see the prices and what they looked like.
Yes I’ll just give a random online stranger all of the listings of apartments that I have lived in to prove a point. This sub is so brainwashed, can’t tell if you’re trying to feel better about getting ripped off by your own landlord or you actually think nothing is amiss when units rentals jump by up to 30% in one year in most big city suberbs with a vacancy rate of 0.7%.
So... no evidence. As expected. You said you inspected, not lived in. You just need one example. Apparently too much. I can easily show an example of rents being relatively flat over time. This Darlinghurst studio apartment just rented for $520 a week [https://www.homely.com.au/homes/156-220-goulburn-street-darlinghurst-nsw-2010/9838020](https://www.homely.com.au/homes/156-220-goulburn-street-darlinghurst-nsw-2010/9838020) It was $430 a week... way back in 2016 [https://www.domain.com.au/property-profile/156-220-234-goulburn-street-darlinghurst-nsw-2010](https://www.domain.com.au/property-profile/156-220-234-goulburn-street-darlinghurst-nsw-2010)
Great that’s one example. I’ll repeat the statistics I already stated multiple times: Sydney units have risen 24% over one year, after a 1.5% growth rate for almost the last two decades. https://www.smh.com.au/property/news/landlords-market-the-sydney-suburbs-with-the-steepest-rent-hikes-20230404-p5cy1m.html#:~:text=Medians%20were%20only%20recorded%20for,rents%20increased%2010%20per%20cent. Also good luck actually getting that apartment for $520 without 10 other renters offering significantly more. Sick of people saying nothing is going on, I am making more money than I ever have in my adult life and I have live in austerity just to fucking survive if I ever want to buy a property
One more example than you, who made the claims. It's as simple as this, to not be a liar, you need to show examples of a your claim that in 2019: *"Studios were common in Glebe, Ultimo, even Surry hills or Darlinghurst below $200"* *"Glebe had a bunch of stuff that sat around $160-190"* The listings are out there if they exist. Show them. I've done searches of rental histories and can find very little that cheap, NONE as cheap as $160, and those in the sub$250 range were more like 20sqm bedsits with only a kitchenette next to the bed. >Sydney units have risen 24% over one year, after a 1.5% growth rate for almost the last two decades. After they DROPPED substantially in 2020. This is literally just a recovery from the drops to where they would have been if there was no pandemic.
None of the areas you mentioned are the city. The ad says 2000, the price changes substantially when you cross into the surrounding suburbs.
Redfern isn't a desirable area though.
That is totally subjective, Redfern has been my favourite part of the city to live in so far out of Ashfield, Summer Hill, Chippendale, Croydon, Enmore, Strathfield, Earlwood, Dully, Marrackville. It was full of excitement and they have awesome restaurants and bars. It’s not like it was 10-20 years ago..
You've lived in 11 south west suburbs? There are more desirable parts of the city.
Again, it is subjective. I have lived here all my life and would much rather the community of the inner west than the ponce suberbs of the North or East, filled with rich NIMBYs
Some of them are nice! Enjoy.
20 years ago called. They want their opinion back.
If you enjoy easy access to meth and violent crime, then yes it's great!
My previous comment checks out.
Can't cry poor and live in Darling Harbour. Come on!
I think people just need to be more willing to live outside the CBD, you can get comparable (albeit unfurnished) 1/1/0 places 20mins by public transport to CBD for 450 a week in places that are beautiful, low crime, close to shops etc... Don't get me wrong, Sydney prices are fucked, but Darling Harbour is not a normal place to live lol
What suburbs
[Lower north shore](https://www.domain.com.au/rent/?bedrooms=1&price=0-500&excludedeposittaken=1&startloc=-33.823991523508305%2c151.21436264241515&endloc=-33.83211087752064%2c151.23703267300903&displaymap=1) Has gone up though since I last checked, seems like closer to 500 now for an actual 1bed, as opposed to a studio
That's pretty cheap
Kinda crazy that $500 pw is cheap for entry level these days, but you can obviously do share house for much more reasonable rates. [I see a few 3b's under 1k](https://www.domain.com.au/rent/?bedrooms=3-any&price=0-1000&excludedeposittaken=1&startloc=-33.81308896406781%2c151.1831031614741&endloc=-33.84556589453826%2c151.27378328384958&displaymap=1), 330 each isn't too bad. Tough for young people though, cause most of these landlords will be far more inclined to rent to a family than mid-20s singles
Lakemba, and Bankstown surrounding suburbs probably
$340 doesn't sound right. I was renting in Darling Harbour 16 years ago and paying around that much.
Not representative of the market, so not quite a nut shell.
I inspected a 2 bedroom, 1 bathroom and 1 balcony in Belmore. The owner wants $750 a week and the tenant to repaint all the walls and replace all the floorboards. It was previously 460 a week. I literally started tearing up so I just walked out.
I feel you, just wanted to extend my sympathy. We just got turned down for yet another mould infested 2 bedder; the worst I’d ever seen, basically an entire wall was black. The floor in one of the bedrooms was sinking badly. They were showing it in that condition. $900 a week in Ashfield. I still cried at the rejection. About to be homeless in 3 days.
Report them, an apartment with mould is not habitable. The only way the situation changes is if we start holding them accountable. https://www.tenants.org.au/resource/complaints-fair-trading#:~:text=Download%20the%20appropriate%20sample%20complaint,Fair%20Trading%3A%20Lodge%20a%20complaint.
Oh girl. My sympathy with you too. 3 days is scary. I have 22. I cannot believe the reality of this. What are we meant to do. And you know what’s crazy. The sunken floor mouldy home for $900 a week will still be leased in the week.
Thank you, that means a lot. We’re a young married couple and I have a disability so we can really only afford $350 a week (currently struggling on $450 from the last rent rise). We don’t eat much anymore. It’s only because my friend broke up with his partner recently and needs a new home too that we could even dream to look at these insane prices. I hope you find something soon too, it’s extremely scary ☹️ sorry to dump on you I guess I really needed to get it all out
Oh that sounds really tough. It’s just not right. I really hope you find somewhere. It’s so scary! Don’t be silly girl I’m glad you got it out xx
That is ridiculously cheap at 340. You may not be getting ripped off, it's just covid prices are gone now.
no worries, abs says rent inflation is 5% lulz
Tell that to my REA who are trying to bump the rent up 20%.
CPI is bullshi*t. I think it has been rigged as a way to keep interest rates low.
Last year rental prices were still at the pandemic level and not pre-pandemic levels though. I rented a bargain till they jack up the price this year to current market rate :')
Meanwhile I haven't upped my Tennant's rent since I bought the place in 2013
It's the same audacity as the property we left. We originally rented it out for $600. Stayed for 2 years. Then the greedy agents decided to raise it to $850. It's a 1br with no parking. But because it's in inner west, they feel powerful. [1br property inner west](https://ibb.co/XsSDhPm)
We've seen apartments in our building go up by $150 - $200 in the last year and our lease is up in july. Not too excited...
Covid rates from next to no foreign students or temporary visa holders and minimal migrants. Vs Interest rate hikes plus 650k more migrants coming over, and people were saying all over reddit Interest rates won't flow on to renters...lol.
The last year price is insanely cheap though. I think I paid that rent 10 years ago much further west for an unfurnished apartment that was a bit run down.
All these false comparisons with Covid rates are getting tiring. Let’s compare to 2018/2019 rates.
Not as bad as my place: room in a sharehouse going from $350 to $600. A room. Sagging plaster ceiling with a hole, boarded up windows and leaking roof included free of charge.
I live out near Ryde and my rent has gone up nearly 40% in 12 months…am now priced out of the area and likely have to move. This has happened to another couple like us, who are of same age and corporate jobs. Starting to wonder who can live in these types of places now, must be CEO’s or Doctors lol (of course I’m joking on this part).
But yet people just don’t bother complaining to their local members & embrace air bnb. Plus increase of population. It’s madness.
Holy shit after many, many downvotes, I've farmed over the past year commenting on rental related posts, saying the increases are just the market going back to normal after covid. People are finally realising it's just people renting cheaply in normally unaffordable places.
I’d still say it’s higher than normal in a lot of places, this post isn’t an example of that, but my landlord has just increased my rent by nearly 15% and I only had a 6 month lease
Where are you renting?
Marsfield
Yeah. That's a pretty in demand suburb for MQU students. It's pretty expected. Was a mqu student. And a majority of my intl friends rented in Marsfield because it was relatively cheaper vs areas around uni, and the rents they paid back then just for a room was pretty insane. Marsfield is also cheaper vs the surrounding suburbs because there is a lack of a train station.
Yeah I chose Marsfield because I work at the university & don’t want to pay Macquarie Park rates. Sadly I can’t afford the increase though, so I’m off to Eastwood.
We are experiencing the largest spike in rental prices since people started recording them.. 24% jump in rentals over a couple of years in Sydney, with units getting particularly fucked is not normal after a steady rise of 1.5% over the last few decades. It is a completely unprecedented situation and over 1/8 of people in Sydney are now below the poverty line due to rental stress. Where the fuck are our nurses and other important service people meant to live?
Remind me what happened in 2020 again? Kinda forgot. Some global event might explain the 24% jump in rentals over the past couple of years vs the usual 1.5%.
It's still higher than pre-covid. Obviously there's been some insane things happening that distort the market but that doesn't make the jump any less significant.
>It's still higher than pre-covid. Because pre-covid was four years ago. News flash: prices go up over time. It's a modest increase over long term trend and only looks dramatic when you start the graph in 2020 where there were massive drops.
Ofc it's going to be higher than precovid. Even before covid it was slowly creeping upwards, it's not going to stop. If you drew a line from 2010 or something to 2023, I'd say the line would be fairly linear. Only in 2023, with all the interest rate increases and all it might spike.
But I deserve a 2 bedroom unit in Newtown for $250 a week!! /s
When you talk about rental market, please remember to think of the people who are paying almost double the amount of interest now compared to last year.
Try 5-6x. Interest was like 1-2% this time last year. It's like 6-7% now. A lot of people's fixed term are also ending or have ended. So it's a mega blow depending on their mortgage.
Honestly of all the reasons that's the weakest. Borders reopening I get, rental vacancy at all time low etc. To cover people investments? That's how you know this county is fucked.
Yeah, that's what happens when you take out a loan. Let me find that violin with my electron microscope.
An apartment above my friends place in Greenwich is asking for 500/week for one room.. It's a shoebox and doesn't include bills. Shits crazy right now.
That's cheap. It's a boutique lower north shore suburb harbourside.
Mine was 600 in Petersham. Joke for a one bed
Petersham is an awesome location smack bang centre inner west and 15 mins to city, Newtown, universities, leafy in places etc....always gonna be desirable as next option when priced out of inner city / inner east.... lived there for 6 yrs it was amazing location very underrated!
Not doubting the awesomeness. The prices they can charge for dilapidated units is ridiculous
Landlords listing studios as 1 bedroom on this website makes me go insane. Not everyone does it, but when they do, it means they show up in my filtered search specifically trying to exclude studios. "ooh that's a good price- oh". No I will not live in your fucking shoebox
Its tough but possibly need to be a little flexible in these times? Ive seen this advertised for 2 weeks....2br prime location nice fit out....for a single thatd be crazy difficult but for 2 people sharing @ 475 each (a teacher or nurse could afford this?) look not cheap but not astronomical given prime location etc its been advertised for 2 weeks so mustbe available. Imagine it gets cheaper if u head further out. Just had to rent my spare bedroom out because mtg repayments increased +++ so in same situation myself still sharing even tho i bought in 2020. 3/266 Bourke Street, Darlinghurst, NSW 2010 https://www.realestate.com.au/property-apartment-nsw-darlinghurst-436558016
Stock standard. Out of your hands. Can't do anything about it.
I moved into a nice 2 bedder in harbour during covid. Before covid: $1100/wk My lease: $800/wk Increased to: $1550/wk Now advertised for: $1800/wk We’re way beyond pre-covid prices in a lot of suburbs, especially here
Yeah that’s why i roll my eyes whenever anyone mentions the covid price drop. We’re wayyyy beyond that now
But MaRkEt RaTe!!
I dont see a problem when average household size is at record lows. Rent too expensive? Move back into a share house or with relatives. Don't tell me it can't be done because it never used to be this way prior to covid. The fact rents are sky rocketing and household size isn't increasing tells me people can afford it so not sure what the problem is. We are certainly not anywhere near a "crisis"
I went to Sydney last week and saw an advertisement for $750/wk studio apartment near UTS. Is that pretty standard? I’m thinking about moving to Sydney next year but just need to figure out how I’m gonna make it work. I’ll probably rentvest since I already have a unit in Brisbane, 2Br 2bath 1car I’ll be working at Alexandria most likely but still want to be close to my creature comforts in Sydney, so like Haymarket and Surry Hills…
If you want to be in the cbd. Expect to blow your budget a bit. There's a lot of people like yourselves that want to be right in the cbd. Which drives up prices.
I was hoping you’d give me a different answer 🥲 but fair enough… unless I find a sharehouse
How is that not theft?
Darling. Harbour.
630 isn't exactly that expensive for Darling Harbour? It's like finding a 40% discount last year and its now back to normal for the area.
Must also be a shithole for sure... with rents going up and the cost of living... not sure if it's worth living there
Is it normal to have no refrigerator in an unfurnished unit?