House rents jumped at least 10 per cent annually in more than two-fifths of Greater Sydney suburbs.
Fairlight is among dozens of suburbs where the median weekly asking rent for houses jumped more than 20 per cent.Vaucluse had the biggest jump as its median asking rent rose 51.5 per cent, or $850 per week, to $2500. Fairlight, Dover Heights, Erina and Roseville were also among the top 10.after their steepest annual increase in 14 years.
Powell noted some of the largest changes were in smaller rental markets, where a change in the quality of homes advertised for rent could affect the median more.Jerome Srot, director of property management at The Rubinstein Group, said a lack of supply and increased demand from returning expats had pushed up prices in Vaucluse and Dover Heights, as had more demand from those renting temporarily between selling and buying.
ANZ senior economist Felicity Emmett said the low vacancy rate was putting pressure on prices, and there could be more pain to come for tenants, with the return of immigration to further boost demand, and some landlords likely to pass on the cost of rising mortgage rates. Lower building approvals would also impact levels of new supply in future.“It’s really hard to see the situation easing in the rental market,” she said.
The central coast isn't Sydney.