How the Sydney property market is starting to favour renters
With the number of rental vacancies in Sydney at a 13-year high, could the property market pendulum be slowly swinging back in the favour of tenants?
Sydney is shifting from a seller and landlord’s market to a buyer and renter’s market, with data from SQM Research showing there are an additional 6,300 properties available compared to this time last year.
“We’re finding that rents are coming down around 10% on what they were originally achieving 12 months ago.”
Right now, more than 19,500 rental properties are vacant across Sydney, which is 6,300 more than this time last year.
“These are apartments that are empty but also being advertised for rent. So we do think there’s a whole lot of apartments just sitting empty, and not being used at all,” said Tenants Union NSW senior policy officer Leo Patterson Ross.
The number of empty properties is affecting rents, with the average weekly rent at $709, down $15 a week on one year ago. Rent on apartments is also down to an average of $521 a week.
This tips the balance of the property market in favour of tenants, with the empty properties making owners more desperate for income to pay their mortgage.
“We really want to see a range of rents come onto the markets, units and houses that are affordable to people with higher incomes but also to people with lower incomes,” said Patterson Ross.
But whatever you’re looking for, prices are better than they have been for a while!