Sydney rental market reaches new levels


Sydney has always been recognised as an expensive location to buy and rent property, but new reports have shown the prices of some property are reaching shocking levels.

Australia’s most expensive property to rent has been sourced in Sydney and will cost its tenants $17,500 a week.

The property is available to tenants for either a long or short-term lease and it is located in the exclusive eastern suburbs of Sydney.

The cost of renting the property for a month will cost its tenants more than the average annual salary for an Aussie.

The house offers an oversized gourmet kitchen, designer furniture and splendid beach views.

Properties in Watsons Bay are also priced quite shockingly, with the average rate charging $2,500 a day, which is not as surprising considering the fact that the suburb is a hotspot for the super rich.

Lisa Mittiga, a spokesperson for Sydney Boutique Properties said that interest is still strong among wealthy families and she added that rental was popular for overseas visitors.

She commented: “We get enquiries from actors and musicians working here or on tour who want to lease the house for both short and long stays.”

Bellevue Hill in Sydney also offers costly rentals.

Nikki Hamilton from Farquharsons Executive Rentals Double Bay commented on one property in particular, which costs $160,000 to rent.

She said: “In the past we leased Barford for two years to a tenant from Azerbaijan with mining interests.”

"But Sydney’s top-end rental market has changed in the past five years and we don't get the inquiries from big overseas companies showing interest in these sorts of properties for rent like we did in the past."

Transfer Money to Australia

If you are thinking about investing in an Australian property, it is definitely a good idea to consider the logistics of transferring money abroad.

So if you are looking to send money overseas (which is inevitable if you are looking to make a property investment), be sure to compare the market before you finalise your choice of Australian mortgage.

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