Sydney rents hit $500/wk Business Breaking News 24/7 - NEWS.com.au (29-11-2005)
"Mr Christopher believed there would be more rental increases to follow for the next 12 months, which is good news for suffering property investors but bad news for tenants.
Reflecting the pressure on inner-city rents, median rents for two-bedroom units rose 5.7 per cent in inner suburbs over the year, 4.0 per cent in middle areas and 4.3 per cent in outer suburbs.
Two-bedroom flats in Auburn recorded the largest annual increase in median rents (up 13.6 per cent), followed by Leichhardt (up 11.4 per cent) and Blacktown (up 10.5 per cent).
The largest annual increases in median rents for two-bedroom houses within Sydney were recorded in Canterbury (up 12.0 per cent) and Auburn (up 8.2 per cent).
Rents have climbed sharply in Sydney and across Australia as people seek to rent rather than buy homes with housing affordability hovering at historically low levels.
