Sydney tenants are facing sky-high costs,with median rental prices in some suburbs increasing by hundreds of dollars a week over the past year,and there could be more pain to come.
A national law firm has ditched the decade-long trend to open-plan offices that swept through the country’s premium towers,bringing back individual offices.
Rents have risen at about five times the pace of wages as households struggle with the rising cost of living – and more housing stress could be on the way.
The national vacancy rate is at its lowest point on record and tenants face stiff competition,but are there signs of a turning point ahead?
The battle between suburban offices and their hard-hit city CBD cousins is intensifying amid employees’ ongoing desire to remain working closer to home as part of the now-normal flexible model.
There are 13 million spare bedrooms across Australia and many of them belong to empty nesters still living in large family homes long after their children have flown the coop.
In one of the current housing market’s worst ironies,the people likely to be slugged hardest by the latest interest rate increase are those who don’t actually own property.
The number of homes available to rent in Australia’s capital cities fell a further 5.4 per cent last month to a historic national low – a 54 per cent slump since May 2020.
Capital Gains
Investors and developers are vying for a large variety of properties,from potential last-mile industrial and logistics estates to a city based office,to get a foothold into the real estate market as interest rates start to rise.
The four-bedroom penthouse in the Pacific Bondi Beach building is available for the right cashed-up tenant,who will need to pay a massive $13,500 per week.