Sydney to Overtake Canberra as Most Expensive Rental Market in Australia

[Epoch-Times-Bot]

Sydney to Overtake Canberra as Most Expensive Rental Market in Australia

Sydney is on its path to replacing Canberra as the most expensive city for renters in Australia due to an increase in demand for rental properties as migration is picking up.
According to the real estate data provider CoreLogic, Canberra was the only capital city to see a drop in rents in the September quarter, with prices dipping by 0.4 percent.
In contrast, Sydney reported a growth of 2.9 percent during the quarter.
Kaytlin Ezzy, an economist at CoreLogic, said the price difference between the two most expensive rental markets was diminishing and now stood at $17 (US$10.70) per week.
“Given international migration is expected to continue to support rental demand across Sydney while affordability is expected to hamper Canberra’s rental growth, it’s likely that we’ll see Sydney overtake Canberra as Australia’s most expensive capital city rental market in the coming months,” Ezzy said....

Source: Sydney to Overtake Canberra as Most Expensive Rental Market in Australia

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