Unit rents in Dover Heights are hiking up even as other suburbs in Sydney are seeing dips in the prices, a recent report reveals.
The unit rents in this cliffside suburb increased to 7.1
According to Michael Krimota, the director of Ray White Double Bay, prices of properties in Sydney’s eastern suburbs will remain high as there is more demand than supply. Data from realestate.com.au reveal that the average demand for rental units in Dover Heights is at 428 by the end of March quarter.
Mr Krimota attributed this demand to homeowners in places like Bellevue Hill and Bronte who have sold or rented out their houses for a substantial gain. However, these homeowners have also opted to rent units in Dover Heights to continue living in the same familiar community. Thus, despite the increase in rent, they are paying “fairly affordable” rates.
Meanwhile, unit rents in Sydney generally fell by 58 per cent across 272 suburbs. Sydney tenants could take advantage of the price decrease in units rent in suburbs like Kingsgrove (-15.10 per cent), North Bondi (-6.70 per cent) and Hunters Hill (-6.40 per cent).
Dr Nicola Powell, a Domain senior research analyst, however, advised for tenants to carefully look into the market prices before closing deals since there are different factors affecting the rates.
“Every area has different things going on, which is why it’s important for tenants to do their research and make sure they’re paying the correct market rent,” the director said.
