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Western Sydney Rental Market

Discussion in 'Property Market Economics' started by eternit, 12th Mar, 2016.

  1. eternit

    eternit Member

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    Hi All,

    I just had to re let one of my properties in Fairfield area and ended up taking $10 less to let it out.

    I have also noticed a lot more rental listings now then around this time last year.

    I guess most of the investors who bought in recently are all trying to let out their investment properties.

    Has anyone else experienced a decline in the rental market in Western Sydney?

    Thanks.
     
  2. larrylarry

    larrylarry Well-Known Member

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    2FAST4U likes this.
  3. Sam Yue

    Sam Yue Well-Known Member

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    Let's watch how the over supply and rental vacancy is going in the next a couple of years. Hope it get stable in 2017 or 2018. Then I will try to buy some cash flow cheapies.
     
  4. larrylarry

    larrylarry Well-Known Member

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    Cash flow cheapies in Sydney?
     
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  5. Sam Yue

    Sam Yue Well-Known Member

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    Now it is very hard. But after a couple of year, when market bottomed, it is achievable I think. It is much easier to buy below market value and manufacture CG in home town.
     
  6. Teddy

    Teddy Active Member

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    Hi All,
    Anyone got an update on the Western Sydney Rental Market? I have a 1 bedroom in Seven Hills, been sitting on the market now for 4 weeks. I don't know if I should lower the rent further or sell it. Feedback on the market would be great.
    Thanks
     
  7. sash

    sash Well-Known Member

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    Just normal part of the cycle the rental market is now correcting....that will be followed by the usual deflation of prices next....
     
  8. RetireRich101

    RetireRich101 Well-Known Member

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    Is it because it's 1 bed? Is it a granny flat or unit? Renters in the area generally demand 2bed +

    I have received letters for 2 properties from PM in recent weeks indicate they will increase $10. It was also increased 12m ago.
     
  9. BKRinvesting

    BKRinvesting Well-Known Member

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    Blue Mountains, NSW
    Rental market seems much more stable than earlier in the year. Was able to find tenants fairly quickly a few months ago and just raised the rent on of my leases.
    Both properties in Penrith region.
     
  10. RetireRich101

    RetireRich101 Well-Known Member

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    I sold a property in Penrith region 6 months ago for a price that I considered was an excellent price....I would not achieve this price if it was sold 12-18mo ago. If it's sold today, I would get bit more..

    My other properties (also in Sydney west) is not due for renewal but would imagine another $10-$20 increase when it's due.
     
  11. 2FAST4U

    2FAST4U Well-Known Member

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    Not surprising. $650 a week is a lot of money. With current interest rates you'd be able to service a 500k mortgage with that sort of money (not that you would find much in Sydney for 500k). For others it's just too expensive and they can no longer justify paying a premium just to stay out of the West/South West.
     
  12. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Some of mine in Western Sydney have just had some increases. I'm pushing for 12 month leases now though. Just try and make your property the best on the market any cheap touch ups you can do to make it more presentable will help. Apart from that maybe just take a price drop on the chin. I'd rather drop the rent $20 and have a tenant than have it sitting their vacant for weeks on end.
     
  13. Teddy

    Teddy Active Member

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    Thanks for the feedback, I've had a family member in it for 7 years and not increased it at all. The agent quoted an amount that I thought was a bit high but I figured they were the professionals and knew the market. Mmmm, clearly not, I've dropped it by $20 and about to drop it again, it's been sitting for 6 weeks now.
    It's a one bedroom unit, close to shops and transport, it in a block of 6 and is on the second floor. Happy to take less rent I just wish the agents would be more forthcoming with the advice and realistic about price expectations.