Rents in Sydney
May 20th 2004, 12:08 am
#1
Guest
Posts: n/a
Rents in Sydney
Something I have just read at:
http://www.yourmortgage.com.au/news/index.cfm?i=4451
The rental situation in NSW is under pressure as vacancies fell and unit rentals rose in the first three months of 2004. Renters are tightening their belts as landlords prepare to increase rents.
At the time the NSW government announced it proposed changes to the state’s land taxes, most economists had mixed reactions. On one hand, there was approval of the abolition of stamp duty on property purchases under $500,000 for first home buyers. On the other hand, the imposition of a 2.25 per cent exit stamp duty on sales of investment properties was seen as a death knell for renters as many feared that landlords would increase rents to offset the new tax.
According to Real Estate Institute (REI) of NSW President Rowen Kelly, this fear is coming true as renters across NSW are tightening their belts as landlords are gearing themselves to jack up rents.
http://www.yourmortgage.com.au/news/index.cfm?i=4451
The rental situation in NSW is under pressure as vacancies fell and unit rentals rose in the first three months of 2004. Renters are tightening their belts as landlords prepare to increase rents.
At the time the NSW government announced it proposed changes to the state’s land taxes, most economists had mixed reactions. On one hand, there was approval of the abolition of stamp duty on property purchases under $500,000 for first home buyers. On the other hand, the imposition of a 2.25 per cent exit stamp duty on sales of investment properties was seen as a death knell for renters as many feared that landlords would increase rents to offset the new tax.
According to Real Estate Institute (REI) of NSW President Rowen Kelly, this fear is coming true as renters across NSW are tightening their belts as landlords are gearing themselves to jack up rents.
May 20th 2004, 12:10 am
#2
Joined: Aug 2003
Posts: 11,149
Interesting times as there are plenty of new units still coming onto the market. Landlords may want to increase rents but we shall see if they actually can.
May 20th 2004, 1:02 am
#3
BE Enthusiast
Joined: Sep 2003
Location: Maroubra
Posts: 753
Agree 100%
There's swathes of glass house units in Zetland/Moore Park/Waterloo that are brand new and empty.
At the end of the day its supply and demand.
As a tennant I think the landlord would rather stick with that which he knows and is reliable. Steady money. And I'm also sure that accountants will find a way to write off land tax etc in with negative gearing.
There's swathes of glass house units in Zetland/Moore Park/Waterloo that are brand new and empty.
At the end of the day its supply and demand.
As a tennant I think the landlord would rather stick with that which he knows and is reliable. Steady money. And I'm also sure that accountants will find a way to write off land tax etc in with negative gearing.
