Rent rise reprieve in time for the winter

[muppet]

Rent rise reprieve in time for the winter

Brian Robins

August 8, 2009
RENTS in Sydney have begun to stabilise for the first time since late 2006, as more renters take advantage of the first home owners grant to buy homes of their own.
The quarterly survey by Housing NSW, published today, shows the average rent in Sydney during the June quarter stayed at $390 - the first time since the December quarter of 2006 that the average has been a flat line.
But that figure masked rental rises in some of the outer suburbs of Sydney.
The Rent and Sales Report showed that rents rose 15 per cent in Penrith, 14.3 per cent in Fairfield and 13.6 per cent in Liverpool.
Private sector surveys have shown the rental market in these areas remains tight.
The largest rental falls in the quarter were recorded in Mosman, down 10 per cent, the Blue Mountains, down 8.3 per cent, and Bankstown, down 6.3 per cent.
''These are looking better for renters,'' the state Minister for Housing, David Borger, said of the figures.
''Overall rent prices across Sydney are stabilising.
Mr Borger said that while rent rises were generally slowing down, big rises were still occurring in such ''outer ring'' suburbs as Baulkham Hills, Sutherland, Gosford, the Hawkesbury, Fairfield, Pittwater and Penrith.
''As more renters become home owners … we should see more rental properties become available, which will help to ease the squeeze,'' Mr Borger said.

http://www.smh.com.au/national/rent-rise-reprieve-in-time-for-the-winter-20090807-eczk.html

[muppet]

Sydney rents stabilise: NSW govt report

• August 8, 2009 - 3:59PM

Rent prices in Sydney have stabilised in the past three months, signalling an end to the affordability crisis.
There is also good news for home buyers, with the median Sydney house price falling by seven per cent in the past year, according to a NSW government report.
The Housing NSW quarterly survey shows that for the three months to June the average rent across Sydney was unchanged at $390 a week.
While rents for a two-bedroom flat in the Botany district rose by 9.1 per cent, rents in some parts of the city, such as the wealthy suburb of Mosman, fell.
"This report confirms that things are looking better for renters - overall rent prices across Sydney are stabilising and the average rent across Sydney was unchanged at $390 per week," NSW Housing Minister David Borger said.
"In Botany Bay, rents for two-bedroom units rose by $30 to $360 a week while in Mosman they dropped by a massive $50 a week to $450.
"Rents for three-bedroom homes in Leichhardt also experienced decreases by up to $60."
Despite a stabilisation of rents across most of Sydney, Mr Borger said, there were still big rises in the city's outer areas, such as Baulkham Hills, Fairfield, and Sutherland, and Gosford on the Central Coast.
"Figures from the NSW Real Estate Institute show vacancy rates are tighter in the outer parts of Sydney than anywhere else in NSW," he said.
According to the Housing NSW report, the cheapest one-bedroom home was in Wyong, on the Central Coast, at $160 a week.
The most expensive one-bedder was in Willoughby, on Sydney's north shore, with average rents of $440.
At the other end of the scale, the cheapest four-bedroom home was in the Blue Mountains and Wyong, with renters paying a weekly average of $360.
Mosman was the most expensive area to rent a four-bedroom home, at an average $1,950 a week.
The report should also bring a smile to potential home buyers, with the median Sydney house price falling by 2.4 per cent in the past three months, and seven per cent in the last year.
"Western Sydney is still proving to be the cheapest place to buy - Campbelltown, Wyong and Penrith are the cheapest areas to buy houses while Mosman, Woollahra, Waverley and North Sydney are the most expensive," Mr Borger said.
"The report also showed that the most expensive areas to buy units are Woollahra, Pittwater, Waverley, Ku-ring-gai and Manly whilst the cheapest are Fairfield, Campbelltown, Wyong, Liverpool and Penrith."

http://www.watoday.com.au/breaking-news-national/sydney-rents-stabilise-nsw-govt-report-20090808-edi6.html