Sydney rents through the roof

The property shortage in Sydney is sending rents skyrocketing, with increases of almost 20 per cent for two bedroom units in some areas over the last year. Figures from the NSW Department of Housing show that there are steep increases in rents occurring across all areas with two-bedroom units in Canterbury up 19 per cent while Marrickville, Randwick and Ku-ring-gai not far behind. In Leichhardt the rent on a three bedroom house has increased by 23 per cent and similar increases have been seen in Ashfield, Randwick, Kogarah, Ku-ring-gai and Willoughby. While investors have not yet shown any move back into the property market, the government is moving to improve the city's vacancy rate of just 0.7 per cent. To improve supply the state government has released 33,000 serviced lots and is working on a project that would create 700 affordable dwellings in the suburb of Glebe.

Source: The Australian Financial Review