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House rents up $65 a week, but units steady

Discussion in 'Real Estate' started by Billv, 22nd Jan, 2009.

  1. Billv

    Billv Getting there

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    Sydney, NSW
    WEEKLY rental prices for Sydney houses rose by almost $65 over the past 12 months, says a report from Australian Property Monitors.

    The median asking rent for houses in the city has climbed 16.9 per cent to $450 a week since December 2007.

    But prospective tenants appear to have put the brakes on apartment rents, with asking prices for units remaining stable at $400 a week for the third consecutive quarter.

    "The growing population of renters in units will be pleased to hear that their landlord's appetite for hiking up the rent seems to be diminishing," the monitor's senior economist, Liam O'Hara, said.

    more here
    House rents up $65 a week, but units steady - National - smh.com.au
     
  2. Jacque

    Jacque Team InvestEd

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    Our "appetite" for hiking up the rent?

    I hate these media beat up articles. They lower the standard, by suggesting that all investors are nothing but evil landlords looking to increase the rent unfairly. Nothing could be further from the truth. It's all about supply and demand and market competition. I don't remember any article bemoaning the fact that investors had to continually tighten their belts (and forgo lifestyle in the process) during the 2002-2007 period, when rents here in Sydney virtually stood still, and interest rates continued to climb.

    There's always two sides to every story... as the saying goes
     
  3. Billv

    Billv Getting there

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    Jacque

    That's very true, they always forget to mention how tough investors had it until now.

    Even today many IP's are negative geared so we are still out of pocket by a considerable amount.

    cheers
     
  4. Chris C

    Chris C Well-Known Member

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    There will always be more of the little guys than investors and the newspapers make money on sales!

    The day there is more property investors than renters will be the day Newspapers change their target audience!