The renters in Sydney are enjoying some of the best conditions because of the property investment boom. In around 55 suburbs, the cost of renting has reduced and currently at the lowest point in the last five years. Based on the report published by Domain Rental for the September Quarter, the price has dropped by up to one-quarter in the past one year.
According to Eliza Owan, who is a Domain research analyst, this is the sharpest annual decline in the past 15 years. At some point, the rent is expected to go back up again. As the purchasing prices will go up in the coming months, it is expected to see the rent rising. The drop is notable at the most in Greenwich, where around a 24.8% decrease in the rent has been noticed.