Inner-Sydney rents up $40 a week over the past year

Inner-Sydney median rents have increased by $40 per week over the past year, outpacing a $30 per week increase across the city, according to the latest NSW government’s rent and sales report for the June quarter.

Over the course of the year, the median rent increased by $10 a week to $440 in the middle ring and by $5 per week to $380 in the outer ring.

The biggest annual increase in the inner ring across all property types occurred in Botany Bay, where rents for three-bedroom dwellings increased by 16.6% over the year to a median weekly rent of $650.

Eastern suburbs accounted for many of the biggest increases of the year, with two-bedroom dwellings in Waverley increasing by 11% over the year to a weekly median rent of $600.

A three-bedroom pad in Woollahra will cost about $1,100 a week to rent – the most expensive in Sydney – following a 12.8% increase over the year to June. Three-bedroom dwelling rents in Woollahra increased by 12.2% over the June quarter alone.

The Sydney CBD remains the most expensive place to rent a one-bedroom apartment, with median weekly rent rising 11.1% over the year to $500 a week.

The inner-western suburbs of Marrickville and Ashfield remain the cheapest inner-city suburbs to rent a one-bedroom apartment, with weekly median rents of $350, despite increases over almost 10% for both suburbs over the past year.

Mosman on the North Shore is the only inner city suburb to record a drop in the median rent for one-bedroom apartments. Rents are down 1.3% on the year to $395.

Among the most popular rental category – two-bedroom flats – the largest annual increases in median rent were recorded in Waverley in the inner east (14.3% to $600 per week), and in the outer-western suburbs of Campbelltown (13% to $260), and Baulkham Hills (12.2% to $460).

Outside of Sydney the biggest increase in median weekly rents for two-bedroom apartments occurred in Lake Macquarie, with rents up 16.7% over the year to a median price of $280 per week. 

In the three-bedroom category, Lane Cove, Mosman, Randwick all recorded rental increases above 10%.

Outside of the Sydney metro area, Hunters Hill (13.4%) in the middle ring, Wollondilly (16.7%) in the outer ring and Cessnock (10.1%), Maitland (10%) and Wollongong (14.3%) in the greater metropolitan region generated rental increases of greater than 10% for the year for all dwellings.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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