Sydney median rent prices remain stable

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By Robert Carry

The overall rent prices across Sydney are remaining stable, according to a new government report.

"During the September 2009 quarter, the average rent across Sydney increased just $5 to $395 per week," said New South Wales housing minister David Borger.

The quarterly figures, included in the latest edition of Housing NSW's Rent and Sales Report, covers July 09 to September 09 for rents and March 09 to June 09 for home purchases.

"Whether these figures will dramatically change with the flow-on effect of the latest hike in interest rates, , will be something to watch in the next quarter," said Borger.

The rent information is based on data collected from rental bonds lodged during the quarter with the Office of Fair Trading, while the sales figures are based on when contracts are exchanged and lodged with the Land and Property Management Authority.

Borger continued, "The cheapest place to rent a four bedroom home is in Wyong at an average of $355 a week followed byt the Blue Mountains and Campbelltown both at $380.

Four bedroom homes in Woollahra were the most expensive, an average of $1,510 per week, while the most expensive one-bed homes were in Willoughby at an average of $430 per week.

The report also found that there had been little change in the areas which topped the list as Sydney's most expensive place to purchase a home. Mosman, Woollahra, Hunters Hill and Waverly were the top four while Campbelltown, Wyong and the Blue Mountains remained cheapest.

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