Sydney may be leading the soaring Australian housing market, but that is not necessarily bad news for renters. In fact, the fervour with which investors have been snatching up properties has led to an oversupply of apartments in Australia’s largest city. That, in turn, leads to more competition between landlords, ultimately serving to keep prices lower than expected for prospective renters who are willing to play the field.
Currently, Sydney’s apartment supply is the highest it has been in 15 years. While the experts say that this trend will ultimately slow down, the supply of rental units is not expected to peak until 2017. In other words, the city will continue to support a renter’s market for the next few years.
This is a good time to look into real estate options for renters in Sydney. But a favourable market doesn’t absolve you of the need to do your homework. More on that in the next section.
When it comes to finding an apartment in any big city, there’s no substitute for doing some preliminary research on neighbourhoods, public transportation routes and anything that interests you about the city. Keep the following in mind while researching:
- Where you’ll be working (and how you’ll be getting to work)
- Where you imagine yourself going to relax in the evenings and on the weekends
- The expected price range for an apartment in a given area of the city that interests you
Armed with the above information, you’ll be able to narrow down your search considerably and focus only on those districts that are of interest to you.
Don’t Be Afraid to Ask for Help
Finally, take advantage of the expertise of others – particularly real estate agents in the area. Find an agency with a strong reputation and a reliable network, and let them do the legwork for you. By drawing on their extensive resources, you’ll find that real estate agents in Sydney will be able to find you exactly the type of rental property you’re looking for.