The Third Hand Confirm Seeing Sydney Rental Market Flattening
Nov 2, 2023
The Third Hand is a Sydney base property management company and in an exclusive interview with Metro Cities Media confirmed their observation that Sydney rental market was showing signs of flattening after a long run in strong rental growth.
Sydney, Australia - November 2, 2023 /PressCable/ —
Anecdotal data shows home and apartment renters since coming out of the Covid-19 lockdown have faced the longest stretch of rent rises in the city's history. The Third Hand in a recent interview with Metro Cities Media noted that there are now signs the market is slowing as tenants reach the limits of their ability to meet increasing prices.
The recently released Domain Rental Report, shows Sydney renters are paying an average of $720 a week for houses and $680 a week for units. This represents a $70 increase for houses and a $130 increase for units compared to the same time last year.
The troubling revelation also in this report shows that the city is facing its lowest ever vacancy rate at 0.9 per cent, meaning fewer options and less bargaining power for those looking for rental accommodation. Nicola Powell, chief of research and economics at Domain, said the reported figures represented the worst conditions for renters in Sydney's history.
Mr Angelo Boliaris Founder of The Third Hand said this when interviewed by Metro Cities Media, “In recent years Sydney has experienced the longest run of rent rises but there are definite signs the run is flattening out. Properties we are aware of that were being snapped up only months earlier by renters are now taking longer to let.”
The Third Hand believe there is growing evidence that the trajectory of the rise in rental prices over the past two years is simply not sustainable as wage rises are not keeping pace with the sharp rise in the cost of living and its impact on household budgets.
To learn more about The Third Hand and their property management and property maintenance services, visit their website here: https://thirdhand.au
The Third Hand
The Third Hand is a property company first and foremost. Looking after the bricks and mortar, along with the best interests of tenants & owners. They have combined property management & property maintenance, giving clients one port of call for everything.
Contact Info:
Name: Angelo Boliaris
Email: Send Email
Organization: The Third Hand
Address: Level 1/1a Montgomery Street Kogarah, Sydney, NSW 2217, Australia
Website: https://thirdhand.au
Source: PressCable
Release ID: 89112220
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