May 16, 2009
SYDNEY rental prices continue to rise, exceeding wage growth, a New South Wales Government housing report shows.
Housing NSW's Rent and Sales report shows the median rent for all dwellings in Sydney had gone up by $5 to $390 in the March quarter, or the first three months of calendar 2009.
Overall, the median rent for all dwellings throughout the state was $325, down 1.5 per cent over the quarter, but up by 8.3 per cent over the year.
NSW Housing Minister David Borger said rent increases were still exceeding wage and consumer price index (CPI) growth.
The report showed western Sydney was the cheapest area in which to rent, while the most expensive areas were the northern and eastern suburbs.
The cheapest one bedroom rentals were in Blacktown and Bankstown areas, with a median rent of $180 a week; Fairfield at $185 a week and Liverpool at $188 a week.
The most expensive one bedroom rentals in Sydney were in Willoughby, in the city's north, with a median rent of $430 a week; Canada Bay, in the northwest, at $420 a week, followed by Waverley, Woollahra and Manly at $400 a week.
The cheapest place to rent a four-bedroom home in Sydney was in Campbelltown, with a median rent of $360 a week, compared to $1300 a week in Mosman and Waverley.
“Worryingly, we are seeing rents rise in some rural and regional areas in NSW,” Mr Borger said.
For all two-bedroom dwellings, the median weekly rent was up by 15.4 per cent in the central Macquarie area annually, 11.1 per cent in Clarence, 10.5 per cent in Wagga Wagga and 8.1 per cent in Orange.
House prices fell for all dwellings across Sydney by 2.9 per cent over the three months to December 2008 and by 12.3 per cent over the year.
Western Sydney is also the cheapest place in which to buy a house, with the median price of all dwellings in Campbelltown at $280,000 in the December quarter, compared to a median price of $833,000 in Woollahra.
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