Eastern Sydney rental growth still easing as some rentals fall in winter

The easing of Sydney’s eastern suburbs rental price growth has escalated during winter.

There’s been an average increase of 2.66% amid rentals secured through rent roll of one of the eastern suburbs' leading agencies, BradfieldCleary.

“This indicates the rate of rent rises has slowed,” agency principal Bob Guth advised his landlords.

The agency publishes a table of re-let properties indicating the new rent and the old rent, albeit without any indication of the interim period.

On its latest list of 19 recent rentals, there were four properties where rents went backwards by very small increments and three where no adjustment to the recent was achieved.

“We noted in May that rents were continuing to rise as the average increase was 7.75%,” Guth says.

“In November 2011 we recorded re-let properties showing an average increase of 13.5% over the old rent,” he sats.

While noting the lower range had continued to move upwards, Guth concedes the slowing “was perhaps partly due to seasonal factors”.

“There is no doubt rent levels in the executive class – above $1,500 per week – have slipped over the last 12 months,” Guth says.

The July list indicated rental properties relet within a range of -4.5% in Darling Point to +12.5% for a Paddington terrace.

The May list ranged between +1.2% in Edgecliff to +30.7% in Elizabeth Bay.