Western Sydney Rental Market

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.

 

The Hills District also has signs of softening rental... Sydney’s surprising underperforming market: Domain Group @Jacque was interviewed for her opinion.

 

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.

 

Cash flow cheapies in Sydney?

 

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.

 

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

 

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

 

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.

 

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.

 

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.

 

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.

 

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.

 

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.