SBP September 2024 Market Update
This month’s update brings important insights into Sydney’s rental market. While city-wide house rents remain steady at $750 per week, some premium suburbs are seeing declines amid the ongoing cost-of-living crisis.
The Sydney suburbs where landlords haven’t been able to raise the rent (Source: Domain)
The monthly new data from Domain reveals that house rents in several of Sydney’s most desirable lifestyle and premium locations have decreased compared to a year ago. Despite rental conditions remaining tight and Sydney house rents holding steady at a record $750 per week, even tenants in high-end areas are feeling the impact of the ongoing cost-of-living crisis.
KEY MARKET INSIGHTS
20 Sydney suburbs saw house rent declines, mainly in premium areas with weekly rents over $1100.
Clovelly had the largest drop (16.2% to $1550), followed by Palm Beach (down 11.1% to $1600) and North Curl Curl (down 8.4% to $1500).
Declines are due to tenants hitting affordability limits in these locations.
Only two suburbs saw unit rent drops in the same period: Katoomba (down 2.6% to $380) and Lavender Bay (down 0.4% to $628).
Rising demand for affordable rentals pushed Sydney-wide unit rents to a record $720.
Despite these shifts, SBP remains committed to helping landlords review and adjust rents to ensure they reflect current market values.
SBP is here to help you navigate the ever-changing property landscape. If you have any questions or need personalised advice, don’t hesitate to contact our expert property management team. We’re just a call or email away, ready to support your investment journey.
