Welcome Guest [Log In] [Register]


Reply
Terraces, the inner-city homes no one wants; Big increases in house prices are not translating into the Sydney rental market
Topic Started: 10 Oct 2013, 10:09 PM (1,316 Views)
Admin
Member Avatar
Administrator

Quote:
 
The inner-city homes no one wants

October 10, 2013 - 11:59AM
Antony Lawes

Terraces are hard to rent as tenants prefer apartments, say agents

Big increases in house prices are not translating into the Sydney rental market, where many inner-city houses are sitting vacant as tenants prefer apartments, a new report says.

The average weekly rent for a house in Sydney hasn’t risen for at least a year, while apartment rents are growing steadily – up 1.1 per cent in the past three months to $480, according to the Australian Property Monitors September Rental Report.

This preference for apartments was becoming an established trend, said APM’s senior economist Andrew Wilson.

The average weekly rent for a house in Sydney hasn’t risen for at least a year.

‘‘It’s being driven by two forces, those affordability barriers [of renting a house] and the increasing preference for unit living particularly in the city,’’ Dr Wilson said.

Even in one of the most popular rental areas, around the inner west suburb of Newtown, local agent Ee Poh Ling, of Ee Real Estate, had found houses were taking longer to rent than three months ago, while some had even had a drop in price to ensure they did not sit vacant for too long.

She said back then rental properties would fly out the door, often on the same day they were listed. Now some, especially older houses, could take weeks to find a tenant.

One explanation for this was the increasing number of investors who were buying properties and putting them up for lease, which was increasing the pool of properties for tenants to choose from, Dr Wilson said.

‘‘We may have an increased supply of investor stock, particularly house-investor stock, which may be increasing the choice that tenants have for houses rentals,’’ he said.

Read more: http://smh.domain.com.au/real-estate-news/the-innercity-homes-no-one-wants-20131010-2v9o3.html
Follow OzPropertyForum on Twitter | Like APF on Facebook | Circle APF on Google+
Profile "REPLY WITH QUOTE" Go to top
 
Kulganis
Member Avatar


Landlords and RE Agents are pretty crazy, after looking around a bit, you could pay maybe $50-60 more a week to live in Potts Point than in Newtown, there seems to be more available too.

You're walking distance to the CBD.

Large, newer apartment buildings generally have a pool/gym that is paid through the rent in them as well.
"If man is to survive, he will have learned to take a delight in the essential differences between men and between cultures. He will learn that differences in ideas and attitudes are a delight, part of life's exciting variety, not something to fear." - Gene Roddenberry

"Balloon animals are a great way to teach children that the things they love dearly, may spontaneously explode" -- Lee Camp
Profile "REPLY WITH QUOTE" Go to top
 
mel
Member Avatar


Kulganis
12 Oct 2013, 01:22 PM
Large, newer apartment buildings generally have a pool/gym that is paid through the rent in them as well.
that's a good point that i didn't consider when reading the article.. conveniences like that can be pretty tempting, and rightfully so.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
Profile "REPLY WITH QUOTE" Go to top
 
miw
Member Avatar


mel
12 Oct 2013, 10:10 PM
that's a good point that i didn't consider when reading the article.. conveniences like that can be pretty tempting, and rightfully so.
When it comes right down to it I have always thought terraces were pretty shitty homes. OK to own if you are a pwetentious twat, but where's the kudos in renting one?
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
Profile "REPLY WITH QUOTE" Go to top
 
mel
Member Avatar


miw
12 Oct 2013, 10:11 PM
When it comes right down to it I have always thought terraces were pretty shitty homes. OK to own if you are a pwetentious twat, but where's the kudos in renting one?
+1 it's all about value miw.. if they were good value i would be all for them but seeing shit like this (from the article) makes me wonder:

Quote:
 
n Surry Hills, a two-bedroom terrace that used to be a doctors’ surgery has been on the market at $750 a week for several weeks with little interest, said agent Patrick Jacques, from Charles and Stuart.


for that sort of money someone could commute to work from a little further out or rent an apt and use the difference for two hookers each week.

im going to be brazen and say monday and fridays might suit most people
Edited by mel, 12 Oct 2013, 10:24 PM.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
Profile "REPLY WITH QUOTE" Go to top
 
miw
Member Avatar


mel
12 Oct 2013, 10:19 PM
im going to be brazen and say monday and fridays might suit most people
commiseration and celebration, so to speak. Good call.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
Profile "REPLY WITH QUOTE" Go to top
 
those
Member Avatar


Quote:
 


Lucas, I bought off the plan in Sydney's CBD in 2009 - everyone was laughing at me and calling me a fool. I paid under 500K. It now rents for just under $700/week (I don't know what yield means but I know it more than covers the mortgage) and I can sell it and pay my house off coz it's worth over $700K. It's only been completed for just over a year. I don't know much about investing, I just took an advisors advice but I don't feel like I've lost. In fact because its making so much I have to pull 100K or so out and buy another so it's negative geared. I don't get it, I just take his advice. I've had no issues is all I know.CommenterS LocationDate and timeOctober 10, 2013, 12:44PM



This guy should be every bull's nightmare. Can you imagine looking in the mirror and realising he is you?
Profile "REPLY WITH QUOTE" Go to top
 
mel
Member Avatar


those
13 Oct 2013, 12:09 AM


This guy should be every bull's nightmare. Can you imagine looking in the mirror and realising he is you?
that sounds very much like someone close to me, although to his credit the quy you quoted acknowledges he doesn't know much about investing. If i told you some of the things this guy has said nobody here would believe me.. lets just say I no longer enjoy family BBQ's the way i used to.. :)
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
Profile "REPLY WITH QUOTE" Go to top
 
peter fraser
Member Avatar


those
13 Oct 2013, 12:09 AM


This guy should be every bull's nightmare. Can you imagine looking in the mirror and realising he is you?

Quote:
 
Lucas, I bought off the plan in Sydney's CBD in 2009 - everyone was laughing at me and calling me a fool. I paid under 500K. It now rents for just under $700/week (I don't know what yield means but I know it more than covers the mortgage) and I can sell it and pay my house off coz it's worth over $700K. It's only been completed for just over a year. I don't know much about investing, I just took an advisors advice but I don't feel like I've lost. In fact because its making so much I have to pull 100K or so out and buy another so it's negative geared. I don't get it, I just take his advice. I've had no issues is all I know.CommenterS LocationDate and timeOctober 10, 2013, 12:44PM
I think that he is every bears nightmare.
Any expressed market opinion is my own and is not to be taken as financial advice
Profile "REPLY WITH QUOTE" Go to top
 
goldbug
Default APF Avatar


those
13 Oct 2013, 12:09 AM
Quote:
 


Lucas, I bought off the plan in Sydney's CBD in 2009 - everyone was laughing at me and calling me a fool. I paid under 500K. It now rents for just under $700/week (I don't know what yield means but I know it more than covers the mortgage) and I can sell it and pay my house off coz it's worth over $700K. It's only been completed for just over a year. I don't know much about investing, I just took an advisors advice but I don't feel like I've lost. In fact because its making so much I have to pull 100K or so out and buy another so it's negative geared. I don't get it, I just take his advice. I've had no issues is all I know.CommenterS LocationDate and timeOctober 10, 2013, 12:44PM



This guy should be every bull's nightmare. Can you imagine looking in the mirror and realising he is you?
He's a fair example of a nuvo property investor. Give him a couple more years and he'll have memorized all the buzz words and be well on his way to bankruptsy. Though I doubt anything he posted was real :lol
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
ZetaBoards - Free Forum Hosting
ZetaBoards gives you all the tools to create a successful discussion community.
« Previous Topic · Australian Property Forum · Next Topic »
Reply



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy