Rents for three-bedroom homes in Sydney’s outer suburbs rose an average of 9.4 per cent last year, despite the global financial crisis during which rents in inner suburbs went up by less than a quarter of that rate.
The latest rent and sales report from Housing NSW reveals that the sharp increase in rents for suburban homes in recent years has continued to outpace the rest of the housing rental market.
The figures, compiled using records of rental bonds lodged, show rents for three-bedroom houses rose 9.7 per cent in Campbelltown, 9.1 per cent in Camden, 8.7 per cent in Liverpool and 8.5 per cent in Penrith, outstripping the inflation rate of 2.1 per cent for the calendar year.
Similar properties in middle-ring suburbs, which include Kogarah, Rockdale and Strathfield, rose 4.4 per cent while those in inner-ring suburbs such as Lane Cove, Leichhardt and Randwick, rose only 2.2 per cent.
In five years, median rents for three-bedroom homes in the outer ring have risen 46 per cent, according to the figures.
Property developers said the rises proved there was a shortage of residential land being released on Sydney’s fringe.