Sydney’s high-rise apartments become most expensive to rent in Australia

High-rise apartments in Sydney are now some of the most expensive to rent in Australia, according to a new report.

Weekly rent for harbour city apartments has risen by five percent, new data from Domain Group’s Rental Market report shows.  

The average median rental price for apartments in Sydney is now $520 per week - just $5 less than the weekly rental average for houses.

The market price surge is mainly due to a rise in rentals in the Canterbury-Bankstown area, up 4.3 percent, and the western suburbs which is also up 4.3 percent.

But it’s the northern beaches, the stretch of golden sands running from Manly to Palm Beach, which saw the biggest increase in rental asking price – up to $600, a hike of 7.1 percent.

The steep prices for Sydney aren’t expected to last though, with market experts predicting a change leading into 2017.

“A lot of new supply will be coming onto market later in 2016,” First Home Buyers Australia founder Taj Singh told Domain.

“The pressure on apartment rents is expected to remain in the short term, however with more supply in the next 12 months this pressure should wane” .