A perfect storm in Sydney property

[BV]

Sydney renters won't like this

A perfect storm in Sydney property by Karen Maley

Published 7:23 PM, 3 Dec 2010 Last update 0:10 AM, 4 Dec 2010

The Reserve Bank’s recent rate hikes aren’t just hurting those of us with super-sized mortgages: renters are also feeling the squeeze.

The latest figures from the Real Estate Institute of NSW show that Sydney’s rental crisis is worsening, with the vacancy rate falling to a skimpy 1.1 per cent in October – its lowest level in six months.

But the rental shortage was particularly severe in Sydney’s more affordable south-west, where most houses are owner-occupied, and there is little new development. There was an acute shortage of rental properties in suburbs such as Bonnyrigg (where only 0.3 per cent of rental properties were vacant in October), Bankstown (with a vacancy rate of 0.4 per cent), and Campbelltown (with a vacancy rate of 0.8 per cent).

http://www.businessspectator.com.au...st-rate-pd20101203-BS39P?OpenDocument&src=kgb

 

[Ridin-High]

I was on the phone to my PM in campbelltown about a defaulting tenant. And i was talking about timing to terminate their lease saying we should wait after dec/jan probably abit slow. She said things are going nuts in their office, can't get enuff stock

Regards,

RH

 

[BV]

She said things are going nuts in their office, can't get enuff stock
Regards,
RH

Yes, that's unfortunate.

I've been trying to get a tenant out for 4 months so that I can renovate a house and he was unable to find anything on similar rent.

He had to pay considerably more to secure a property and took him a very long time. Everytime he went to an open house there were 20 people waiting. Even with good references its not easy to rent. Not a good time to be a tenant...

 

[virgo]

Rentals tight in South West

Hiya

Rentals tight in South West!

That's great news for me (as a landlord); i've just evicted my tenant (long story, i'm a big softie); when i bought the house last August the rent was 290 (3 bedder nothing swish); the PM is going to advertise it now at 360!

Having said that, my interest rates have increased tho'