NSW Rental Report Q1 2013
The Sydney Metropolitan area experienced a four per cent increase in the median price of a one and two bedroom unit, while rents for a three bedroom house remained largely unchanged. Botany Bay recorded a very strong increase in the 12 months to December, as tenants moved into new apartment buildings near the airport. The median rent for a one bedroom apartment increased by 7.8 per cent over the period, while that of a three bedroom house softened.
Illawarra / South Coast
Large population movement into the Kiama-Shellharbour region increased demand for rental properties, with a notable uptake of two bedroom accommodation. The median rent for a two bedroom apartment increased by 12.5 per cent in the year to Decemberm2012, while rent for a two bedroom house rose by 9.4 per cent. Rents in the Wollongong council area were mostly stable, with notable growth in the median price of two bedroom apartments in Dapto-Port Kembla and Central Wollongong, increasing 4.3 per cent and 3.3 per cent respectively.
Demand for two bedroom apartments in the Southern Highlands led to an increase in the median price despite the low number of new bonds lodged. The median rent for a three bedroom house rose by 2.9 per cent over the 12 month period to close the December quarter at $350 per week.
Two bedroom houses in Gosford and one bedroom units in Wyong were the top performers in the Central Coast region, with a median rent price of $330 and $200 per week respectively. Two bedroom apartments increased by 5.1 per cent (Gosford) and 3.8 per cent (Wyong), while three bedroom houses recorded little change in Gosford and a 2.3 rise in Wyong. Strong performance was recorded in the following postcodes: 2250 (two bedroom house), 2251 (three bedroom house), 2257 (one bedroom apartment) andm2260 (two bedroom unit).
Rent growth in the Hunter appears to have slowed over the past year. The Maitland LGA recorded a 2.9 per cent increase in median rent for a three bedroom house and a 3.7 per cent rise for a two bedroom unit. Strong growth in median price of a two bedroom unit was apparent in the Port Stephens area, equating to six per cent over the course of 2012 amid stability in rental prices for three bedroom houses.
The median rent price in the Newcastle and Lake Macquarie council areas remained buoyant, resulting in an increase above five per cent for houses. However the top performers were two bedroom dwellings; two bedroom houses in Lake Macquarie - West increased by 11.1 per cent, while the median price of a two bedroom unit in Newcastle rose by and 8.1 per cent.
Rents in most of the Mid-North Coast rose over the year to December, with a notable escalation in the median rent price for a three bedroom house in the Taree-Gloucester area (7.7 per cent) and Kempsey (10 per cent). While short supply of rental accommodation was common in both areas, demand in Taree stemmed from mining-related tenants, while in the Kempsey area employees working on the Pacific Highway upgrade were the reason for the rise in rents.