Looking to rent an apartment in Sydney?
Well for the first time on record it now costs as much to rent an apartment in Sydney as it does a house.
Rents that have grown three times faster than wages in Sydney.
A 4.8 per cent increase over the year to June pushed the median weekly rent for apartments up to $550, putting them on a par with detached houses, which gained 3.8 per cent over the same period, according to the latest Domain State of the Market Report
Strong population growth has soaked up any concern of an oversupply of apartments and despite record apartment construction, Sydney apartment rents jumped $20 a week over the June quarter.
Domain Group chief economist Dr. Andrew Wilson has predicted apartment rents would “catch up” to house rents for the past six months.
“A Sydney tenant has to pay 30 per cent more than those in Melbourne and they have similar incomes,” Dr Wilson said.
With the supply of new apartments expected to slow when the current construction boom ends, the figures add to expectations that rental markets in the two biggest cities will tighten further.