Sydney prices to eclipse all other states

Sydney Rents

Hiya

I just increased 2 of my rents in Sydney by $10 and tenants promptly signed up for 1 more year...

1 is in South West Sydney and 1 is in Parramatta surrounds:)

Also there was a big auction by R& W on last Monday for mainly Ex Housing Commission Houses in Mount Druitt....spoke to agent yesterday and he said, no point turning up...the houses went for far beyond what he was expecting:eek:
 
mrmonopoly said:
Sorry but every area is different not just "some". Generally speaking the rental market sydney wide has been extremely tight with vacancy rates hovering around the 1-2% mark for quite some time and rents in many areas having increased substantially.

I find these anecdotal examples a little tiresome as quite clearly they are not a fair representation of the market.

Take Mosman for example: It has a current and trend vacancy rate of around 3.5%, over double that of Sydney as a whole (see below).

http://www.sqmresearch.com.au/graph_vacancy.php?postcode=mosman&t=1

and

http://www.sqmresearch.com.au/graph_vacancy.php?region=nsw::Sydney&type=c&t=1

How Cremorne can be used as an example of an unhealthy market with a vacancy rate of 1.8% I'll never know. Unless of course you mean unhealthy for the prospective tenants.

Enter as many suburbs as you like into SQM or check the back of an API Mag', its far from a picnic for Sydney tenants.

There will always be overpriced or substandard rental property which can sit on the books for ages and go stale but again these are the exception NOT the rule.
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It's pretty common amongst everyone I have spoken to who is a renter. And a number of property owners who are honest.

It's anecdotal evidence only. But I'm not sure that the stats paint an honest story for all of Sydney.

Hell, I remember huge crowds at open houses, and they are still there in the inner west in particular. But I'm just not seeing it around here.

Sorry to disagree, but, well, I disagree.
 
virgo said:
Also there was a big auction by R& W on last Monday for mainly Ex Housing Commission Houses in Mount Druitt....spoke to agent yesterday and he said, no point turning up...the houses went for far beyond what he was expecting:eek:
Click to expand...

Is that the one in North St Marys?
 
virgo said:
Hiya

I just increased 2 of my rents in Sydney by $10 and tenants promptly signed up for 1 more year...

1 is in South West Sydney and 1 is in Parramatta surrounds:)

Also there was a big auction by R& W on last Monday for mainly Ex Housing Commission Houses in Mount Druitt....spoke to agent yesterday and he said, no point turning up...the houses went for far beyond what he was expecting:eek:
Click to expand...

I'd be interested to see what some went for. There are still a few on the net. Do you have any of the addresses? I'd like to look them up to see what they went for.
 
Dan and nan said:
Im just wondering how much the rent increase was? Would it cost more to move, I mean it might cost a couple of thousand to move for the sake of a $10 rent increase, it would take you two years to be back to square 1.

The poor landlords have got to move with the cost of living as well.
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Nope. I have a truck license so my costs to move are minimal, maybe $2-300 tops when I get my Internet reconnected, etc.
 
Bon said:
Nope. I have a truck license so my costs to move are minimal, maybe $2-300 tops when I get my Internet reconnected, etc.
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I would say you are the exception to the rule. The average joe would have to hire someone to do it as well as take time off work and go through all of the hassles of disconnecting and reconnecting.

Personally for a small weekly increase I would prefer to stay put. I have moved around 10 times in 10 years of being married and it is not a pleasurable experience.
 
Jaggannath said:
Nope, landlords move with the supply/demand curve ;)
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Yep.

I just had a argument with someone at work.

They are struggling to make ends meet. They wanted to put the rent up on their IP by $80 a week (cheapish rental property, around $340 a week).

They didn't appreciate being told that the amount they were asking was above what the market would pay. They actually said "But I need the extra money, it's not fair".

Sorry love, it is fair. And it is better to be $80 a week worse off with a tenanted property than $420 a week worse off with an empty flat. You can't demand above market rent for an average property because you need the extra money.

Typical boomer sense of entitlement on display ;)
 
Perhaps landlords should pass on the interest rate cuts
scared0016.gif
 
Dan and nan said:
I would say you are the exception to the rule. The average joe would have to hire someone to do it as well as take time off work and go through all of the hassles of disconnecting and reconnecting.

Personally for a small weekly increase I would prefer to stay put. I have moved around 10 times in 10 years of being married and it is not a pleasurable experience.
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The people who just moved in the unit next to me got a friend with a van to help them move their big stuff. It ain't rocket science to move yourself instead of paying some people off a boat who don't speak a word of English $100+/hour to move your stuff.

Another neighbour told me she keeps all her stuff light so she can up and move anytime she wants, and that's coming from someone who's been in the same place for 9 years.

It's harder than you think to jack up rent ;)
 
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Bon said:
Nope. I have a truck license so my costs to move are minimal, maybe $2-300 tops when I get my Internet reconnected, etc.
Click to expand...

so Bon it will take you about 7 months to get back to square one with a $10 a week rent rise if it cost you $300 to move. Just in time for a rent increase at your new place.

I am not trying to sound nasty but it seems a bit extreme to accept everything else goes up except the price of rent.
 
Bon said:
The people who just moved in the unit next to me got a friend with a van to help them move their big stuff. It ain't rocket science to move yourself instead of paying some people off a boat who don't speak a word of English $100+/hour to move your stuff.

Another neighbour told me she keeps all her stuff light so she can up and move anytime she wants, and that's coming from someone who's been in the same place for 9 years.

It's harder than you think to jack up rent ;)
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There is a difference between jacking the rent and moving along at cpi or lower.
 
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Bon said:
It's harder than you think to jack up rent ;)
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May I ask if you actually own any IP's yourself? Just seemed like a very strange thing to say, because if you treat your IP's with the commercial mindset you should be, then raising rent in line with market increases is far from difficult as I'm sure the vast majority of landlords here on SS would agree.

As for moving being a piece of cake. Maybe if its literally just you and you have little by way of ties. If on the other hand you have anyone else to think of i.e wife/husband, kids, elderly parents etc then I would seriously question this logic.

Theres a reason they say moving if the 5th most stressful event in the average persons life. Thats after deaths, births, marriage and divorce btw.
 
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