Arncliffe leads top 10 rental growth suburbs in Sydney: APM

Units in Arncliffe, just west of the airport, recorded the highest growth in rents for all sectors in Sydney real estate market over the quarter.

Rents in Arncliffe rose 26.2% over the quarter to $530 per week, according to Australian Property Monitors figures.

A number of brand-new apartments are up for lease in the suburb, including units in Meriton’s new 307-unit building Fusion, where two-bedroom apartments rent for $590 per week.

A two-bedroom apartment in the building recently sold for $600,000.

The new Serenity building, a 182-unit development, has a number of units for lease.

Apartment G507 in the building recently sold for $559,000 and is offered for rent at $530 per week, giving a gross yield of 4.93%.

Though the market is dominated by newer developments, there are a number of older units in brick buildings available for rent.

Apartment 9 at 12 Queen Street was one such case. The most recent asking rent was $350 per week for the two-bedroom apartment, up from $290 a week in 2009. The landlords had been asking for $380 earlier this year but have since reduced their expectations.

Apartment 8 next door, is at a current asking rent of $355 per week, though marketing notes this is a reduced asking rent. It last traded for $230,000 in 2003.

Across Sydney, rents have hit record highs as median house rents grew 4% over the quarter to $520 per week while unit rents were unchanged over the quarter after recording strong growth in the previous quarter.

Although unit rents remained unchanged over the whole of Sydney, units in some suburbs such as Arncliffe recorded massive growth over the quarter, as reported by Fairfax.

Arncliffe’s massive increase was followed by Granville, near Parramatta, where house rents grew 10% to $440 per week.

In third place was Edgecliff, in the inner east, where unit rents rose 9% to $545 per week.

Source: APM

Rents fell in some suburbs, such as Glebe and Haymarket.