00:01Well, just a week ago it was being reported that home values in Sydney were falling, but
00:07that's certainly not being reflected in the city's rental market, which saw its strongest
00:13quarterly growth in four years.
00:16Some suburbs, such as Abbotsford, have jumped 40% in median rental costs in the June quarter
00:23alone.
00:23It now costs $850 per week to rent a house in Sydney, while it costs $780 per week to
00:31rent a unit.
00:33And one Sydney real estate agent that the ABC has spoken to says these numbers don't surprise
00:39her at all.
00:40She's told the ABC that as soon as she lists a rental, the inquiries come flooding in,
00:47and she's seeing that more Sydneysiders are moving in together or applying for homes together
00:53to try and split those costs.
00:55Now, looking at the other capital cities, Darwin is the second most expensive city to, or capital
01:02city rather, to rent a home.
01:04They've overtaken Perth.
01:06It costs $760 to rent a house there per week, while Melbourne is the cheapest capital city
01:12to rent a home.
01:14It's $600 per week there.
01:16But if you think those numbers are expensive, spare a thought for people who live in New South
01:21Wales Northern Rivers or the Gold Coast in Queensland, they're places which have seen
01:26lots of population growth in the last five years or so post-COVID.
01:32And it's now the median cost of renting a house per week in the Gold Coast's Burley Heads
01:37and in Byron Bay sits at about $1,200 a week.
01:43With the national vacancy rate sitting at less than 1% and housing supply expected to continue
01:50to be constrained, the rental market isn't easing any time soon.
Comments