Sydney Saw Decline In Rental Prices
In order to increase the rent price of a certain property, there are measures an owner can take such as hiring commercial painters in Sydney in order to give the building a fresh coat of paint or install security doors and windows. This might be a good time to do now because according to reports, the rent prices in some areas of Sydney have already started to decline. In fact, in the past year alone, the rent prices went down by nearly 10 per cent.
This is a good time for tenants to look for properties for rent because they will be able to grab a good deal while the stocks are on its record high. The biggest dip in rental prices was observed in the lower part of the north shore. The median of the weekly rents are found to have declined between $100 and $1,000 in the past 12 months. This is based on the report made by Domain Rental.
Domain started recording these figures in 2004 and by far the lowest the rental prices have gone is only 9.1 per cent. All over the city, the median rental price for houses is retained at $550 for the past seven quarters. This is why it came as a surprise that, ever since the record in 2004, the median rental price has declined to $545 looking at its year-on-year figure.
According to the senior research analyst of Domain, Nicola Powell, the regions in Sydney that will be affected the most by the decline in rental prices are those that have been too exposed with investors. This is already starting to show in the lower north because of the increase in number of tenants therefore resulting to decline in rental prices.
Dr. Powell added that there are now 43,980 units that are listed for rent and this number is higher by 23.3 per cent. It is time for landlords to do something in order to make sure that the rental prices do not go down any further such as getting commercial painters in Sydney or hiring contractors for a renovation of the properties.
