Sydney too Expensive for Families
According to research by real estate agent PRDNationwide, high rents are pushing many families out from the Sydney area in a hunt for affordable housing.
PRDNationwide noted that Port Stephens, a mere two-and-half drive to the north of Sydney, had seen an increase of 14% in the volume of new bonds submitted with Housing NSW, as people interested in renting swarm the seaside town in search of cheaper accommodation.
The demand for three bedroom family houses in Port Stephens and Wyong has increased exponentially in the past 24 months, which has driven up local rental yields.
Oded Reuveni-Etzioni, a PRDNationwide research analyst, claimed that the price differences between rural regions to the south and north of Sydney and the city is huge, and this is causing many families to begin looking for housing in alternative areas.
The research showed that the most popular five suburbs for rental price rises in family size homes are all located outside the Sydney metropolitan area, underlying their attraction to families, Reuveni-Etzioni said.