Rental squeeze misery continues in Sydney
Article by Mozo
With many first-home buyers still struggling to enter the property market, Sydney’s rental market is still feeling the pressure.
New figures from the Real Estate Institute of New South Wales (REINSW) have shown that the rental squeeze is particularly stifling in inner-city areas, which had the lowest availability levels during October.
However, the organisation noted that the tight tenancy availability may be the push that first-home buyers need to get on to the property ladder.
And REINSW president Steve Martin said that Monday’s rate cut is likely to prove a big added incentive as more low-interest home loans come on the market.
“Getting out of the chronically-ill rental market and into their own house is finally a reality for some renters with falling <a href=”//mozo.com.au/“>interest rates and grants increasing housing affordability,” he said.
He added that by doing so, first-home buyers will also help to alleviate the strain on the rental market.
Following the introduction of the first home buyers grant last month, the organisation urged people to enter the market quickly before the cash offer runs out on June 30th 2009.