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Biggest jump in Sydney rents in four years; Sydney, a Harbinger for RE in Australia
Topic Started: 8 Oct 2015, 10:27 AM (4,436 Views)
Black Panther
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Tenants in Sydney are feeling the pain as never before, with rents rising at the highest rate in four years, new data shows.

Investors looking to cover their expenses have been hiking rents in some Sydney regions, while demand on the whole has been propped up by strong migration into Sydney.

The median cost to rent a house jumped 3.9 per cent year-on-year, to $530 a week, Domain Group data released on Thursday found.

http://www.domain.com.au/news/sydney-rents-have-biggest-jump-in-four-years-domain-group-20151007-gk25l6/
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Foxy
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Zero is coming...

Black Panther
8 Oct 2015, 10:27 AM
Tenants in Sydney are feeling the pain as never before, with rents rising at the highest rate in four years, new data shows.

Investors looking to cover their expenses have been hiking rents in some Sydney regions, while demand on the whole has been propped up by strong migration into Sydney.

The median cost to rent a house jumped 3.9 per cent year-on-year, to $530 a week, Domain Group data released on Thursday found.

http://www.domain.com.au/news/sydney-rents-have-biggest-jump-in-four-years-domain-group-20151007-gk25l6/
It's all supply and demand, the higher the rents go the better, it will bring on supply.
Peter
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Shadow
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Evil Mouzealot Specufestor

Sydney Northern Beaches rents up 8% for the year, according to the article...

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Attached to this post:
Attachments: Northern_Beaches_Rents_Boom.jpg (62.38 KB)
Edited by Shadow, 8 Oct 2015, 10:53 AM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Chris
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Shadow
8 Oct 2015, 10:52 AM
Sydney Northern Beaches rents up 8% for the year, according to the article...

Posted Image
You are really scrapping the bottom when you of all people quote Doc Wilso and domain data as a credible and reliable sources of information.

Spare me, the figures were based on asking rent prices on the domain website, were they not? No reflection on reality whatsoever. He does a bit of grey mn action (something I'm sure warmed your heart shads) and quotes ABS stats on new builds and immigration numbers making the reader believe all stats he has quoted are legitimate.

Text book charleton stuff.
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Veritas
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Rents fall across most cities in September

http://www.abc.net.au/news/2015-10-08/rents-fall-across-most-cities-in-september/6836234
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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Elastic
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Veritas
8 Oct 2015, 01:23 PM
Yeah but the rent apparently jumped in a small pocket of Sydney.
Only a rat can win a rat race.

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Veritas
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Oh dear WA bulls.

Tenants laughing as Perth rentals take big hit

Quote:
 
Tenant “James” of West Leederville was in the process of renegotiating a new lease with his landlord.

“We have been paying $525 a week for a two-bedroom, free-standing house and have lived there two years,” he said.

“When the renewal came up, we agreed to stay on but wanted a better rate as the next lease was for just 12 months.”

They negotiated a $75 weekly drop in their rent to $450.

“It’s really a win-win situation. We’re happy to stay on and the landlord has a paying tenant,” he said.

“There’s no telling how long it might have taken him to get a new one along, with other costs of leasing a property, like advertising and so on,” James said.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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Chris
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http://www.domain.com.au/news/melbourne-rental-market-getting-tougher-for-tenants-20151007-gk1dr1/

Here's one to pump up Melbourne, it's about 4,000 shades of grey, worst spin piece I think I've seen. Again using domains 'asking' rent prices to make a case for rents...................staying the same??? All in the midst of 3 yrs is exponential house price growth.

Then it mentions the rental market remains 'tight' at 2.9%, concerning really seeming though oversupply is considered to be around 3%+.

Fairfax has lost the plot. Good to see Christina Zhou writing these puff pieces again, the same Christina Zhou who popped up out of no where but is so good at what she does she has been flown first class around Asia all expenses paid by........................Asian property developers whilst they spruik property in Melbourne. All legite though, she was writing an 'article' in Fairfax about how great these company and their developments are.
Edited by Chris, 8 Oct 2015, 02:26 PM.
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Shadow
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Evil Mouzealot Specufestor

Chris
8 Oct 2015, 11:03 AM
You are really scrapping the bottom when you of all people quote Doc Wilso and domain data as a credible and reliable sources of information.

Spare me, the figures were based on asking rent prices on the domain website, were they not? No reflection on reality whatsoever. He does a bit of grey mn action (something I'm sure warmed your heart shads) and quotes ABS stats on new builds and immigration numbers making the reader believe all stats he has quoted are legitimate.

Text book charleton stuff.
It's not just Domain.

RPData, ABS, Residex and SQM Research also say Sydney rents are up.

But perhaps it's a big conspiracy?

I think one of the reasons for the very strong rental growth on the Northern Beaches is the lack of construction here.

Construction activity around much of Sydney is booming, but we're all NIMBYs on the Northern Beaches, and we object to big unit developments.

We like our beaches to stay nice and uncrowded, and we don't need the unit-dwelling riff raff here. :lol
Edited by Shadow, 8 Oct 2015, 03:36 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Veritas
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Shadow
8 Oct 2015, 03:35 PM
It's not just Domain.

RPData, ABS, Residex and SQM Research also say Sydney rents are up.

But perhaps it's a big conspiracy?

I think one of the reasons for the very strong rental growth on the Northern Beaches is the lack of construction here.

Construction activity around much of Sydney is booming, but we're all NIMBYs on the Northern Beaches, and we object to big unit developments.

We like our beaches to stay nice and uncrowded, and we don't need the unit-dwelling riff raff here. :lol
And that is a harbinger of rents going up nationwide?
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
Profile "REPLY WITH QUOTE" Go to top
 
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