SBP October 2024 Market Update
The average rent in Sydney is now $803 per week, with an increase in available rental properties, particularly in the inner city and eastern suburbs.
Despite the market softening, SBP Realty has helped landlords achieve an average rent increase of $53.76 per week compared to September 2023, maintaining rental values above market trends.
UPDATE SUMMARY
As of September 2024, rental prices in NSW continue to rise, but at a slower pace due to increased supply and changes in tenant demand.
The median rent in NSW is $745 per week, with Sydney rents dropping by 0.3% in the three months to August. While Sydney’s inner city rents remain higher than regional areas, there are signs of easing, particularly in the inner city and eastern suburbs, where rents have decreased and availability has improved.
The Rental Price Index (RPI) in NSW has decreased to 78, but tenants still spend 33% of their income on rent. Annual rent growth accelerated in 2024, now 8.5% higher compared to last year. In Sydney, median weekly rents range from $528 to $1,600, with coastal areas generally offering higher yields, though property management costs and vacancy rates are important considerations for investors.
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.
