2018年 05月 06日

Demand for rental properties surging in NSW and Victoria

Average-income Australians are struggling to make ends meet while paying rent in NSW and Victoria with the demand for rental properties surging by more than 250 percent in some suburbs.

Mother-of-five Courtney knows the impact of Sydney’s rental squeeze very well. “I have been renting for seven years and I have gone from paying $290 for a four-bedroom house to $475, nearly, for a three-bedroom townhouse,” she said.

In Melbourne, demand for rental properties in Strathmore, approximately 11km north-west of Melbourne CBD, has surged by 165 percent and the average weekly rent for a unit is now $425.

Rentals in Blackburn North, approximately 17km east of the CBD, are also in hot demand surging 158 percent with the median weekly rental price climbing to $440.

In Broadmeadows, approximately 16km north of the CBD, the average weekly rent for a unit has grown by $155 in the past year alone.

It is super competitive in the rental market, so people need to be prepared. Do a lot of research.