Sydney's Soaring House Price fuelling Rental Demand
Yes, I can't beleive it myself! The soaring house prices everywhere around me.
I have been a long time resident of Narrabeen and i have never seen the property market so strong.
I saw ths article in the paper recently and it makes me feel sorry for the people looking for a rental property.
Have a read below
It is not just potential homebuyers who are feeling the heat of Sydney's soaring prices, real estate group REA is warning after releasing new data showing a surge in rental demand.
The latest Property Demand Index from REA, which operates realestate.com.au, shows in the last 12 months there has been a 33 per cent increase in demand among people in New South Wales looking to buy.
That figure is based on the number of people who search its classifieds, compared to the number of available properties.
REA chief economist Nerida Conisbee said most of the commentary around Sydney's soaring house prices has focused on potential buyers.
But she said renters were also struggling to find homes, with data showing there has been a 12.5 per cent increase in rental demand in NSW over the past year, and an 8 per cent jump in the last month.
"People tend to talk about their own children not affording homes, but the problem is more immediate than that," Ms Conisbee said.
"We're going to lose teachers who are teaching these children, nurses who are looking after people, police, firefighters."
The data also includes a list of the 10 most in-demand areas of the state for renters — Narrabeen on Sydney's northern beaches is number one.
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