9News: Renter’s Market

Peter Overton: Sydney renters have the biggest pick of homes they’ve had in a decade and prices are falling.

After years of being squeezed, renters are now gaining the upper hand as landlords fight to get people into their properties.

Ross Greenwood: The pendulum of property markets is slowly tipping back in the favour of renters with Sydney vacancies now at a 13 year high.

Louis Christopher: 12 years ago, it was a seller markets and a landlords market to today which is now a buyers’ market and a renters market.

Michael Catalano: I have been in property management now for 16 years. This year would be one of the hardest years I’ve experience.

Ross: Right now, more than 19, 500 rental properties are empty across Sydney… 6,300 more than this time last year.

Leo Patterson Ross: These are apartments that are sitting empty and are advertised for rent. We do think there are a whole lot of apartments that are just sitting there empty and not being used at all.

Ross: Problems is – all those cranes building more apartments. More supply is coming.

Louis: What is in the pipeline for Sydney in terms of new residential property is at a record high.

Ross: The empty properties also affect rents. For houses, the average weekly rent is $709 – down $15 a week on a year ago.

For apartments – it’s also down to an average $521 a week.

Michael: We are finding that rents are coming down up to 10 per cent than what they were achieving 12 months ago.

Ross: The more properties like this stay empty, equally the investors who own them get desperate for income, to pay their mortgage. So that tips the balance of property markets in favour of renters who not only get better choice of properties but also, cheaper prices.

Leo: We really want to see a range of rents being put onto the market – units and houses that are affordable to people with higher-incomes but also to people with lower-incomes.

Louis: Quite overvalued and its going to take some time for that to right itself out.

Ross: Ross Greenwood, Nine News.

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