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Urban Taskforce | Media Releases
Sydneys outer suburban rents jump by $30 a week
16 February 2010
New figures from Housing NSW have revealed that weekly rents for homes in the outer suburbs of Sydney have jumped by $30 while rents elsewhere have remained relatively stable.
The median rental has soared from $320 at the end of 2008, to $350 in December last year, Mr Gadiel said.
In the last three months of the year alone, there was a 2.9 per cent leap in rents.
At the same time rents for three bedroom homes in the rest of Sydney held steady.
The biggest increases were in the Hawkesbury ($30; 10%), Campbelltown ($28; 9.7%), Camden ($30, 9.1%); Liverpool ($30, 8.7%) and Penrith ($20, 8.5%).
Outer suburban families have been hit by rent increases running at more than four times the rate of inflation, Mr Gadiel said.
Rents are skyrocketing because there simply isnt enough suburban homes with their own backyard.
This is more evidence demonstrating why we need urgent residential land release.
The residents of Western Sydney cant wait any longer.
Median rents for three bedroom homes in outer suburban Sydney have increased by $110 a week 46 per cent in the last five years.
In the same timeframe, the supply of commercially developable land on the edge of our city has dried up to a trickle.
Much of the land that has been released is burdened by high local council levies and many small owners who arent willing to sell.
The NSW government needs to get large sites stuck in the planning pipeline released for development, without punitive local council charges.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.
For every $1 million in construction expenditure, 27 jobs are created throughout the broader economy.
The construction activity made possible by property developers contributes $78 billion to the national economy each year and creates 849,000 direct jobs.
