Rental rates in Sydney are soaring exponential high, research by Flatmates.com.au has revealed. In fact, the study found 44 of the most expensive suburbs in Australia are in Sydney.
The website’s list revealed the average price of renting a room in Sydney is up to $275 a week, or 32% higher than it was five years ago.
For Flatmates.com.au's managing director Thomas Clement, the results were not unexpected given the hot property market of Sydney.
“Given the fact that Sydney's property market is currently well above the rest of the nation, it was not surprising to see it dominate the list,” Clement was quoted as saying by the Daily Mail
All of the top 25 suburbs are located in Sydney and harboured average room prices of over $300 per week.
“While the high prices are great news for home-owners and investors, it will be the opposite for those looking for something more affordable,” said Clement.
Flatmates.com.au stated that Pyrmont is on top of the list, carrying an average rental price of $351.73 a week. It is followed by Zetland at $346.36.
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