Rent prices surge amid cost of living crisis

Sydney renters are now seeing prices soar while supply dwindles amid Australia’s cost of living crisis.

For first home buyers looking to enter the property market, they are forced to spend more to lock in their dream homes.

More than a third of first home buyers spend more than they plan to, with nearly one in ten of them forking out more than $100,000 extra over budget.

Sydney rental prices have soared by six per cent in the past year, despite the number of listings falling by more than a fifth.

“Rents are going to continue to grow over the next 12 to 18 months,” PropTrack’s Cameron Kusher said.