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Rent and Sales Report No 119 Mar 2017
Rent and Sales Report No 119 Mar 2017
The Department of Family and Community Services is authorised as a Property Sales Information provider by Land and Property Information (LPI), Office
of Finance and Services, Department of The Treasury. This report contains property information provided under licence from LPI. The data from which the
sales statistics in this report were generated was supplied by LPI from 1 January 2017 to 31 March 2017.
DISCLAIMER
While every reasonable effort has been made to ensure that this document is correct at the time of release, the State of New South Wales, its agents and
employees, disclaim any and all liability to any person in respect of the consequences of anything done or omitted to be done in reliance upon the whole
or any part of this document.
Rent and Sales Summary
Note: Changes have been introduced in the weekly rent increased by $20 (5.0%) to $420 for the
production of rent and sales tables from Rest of GMR when compared to the last quarter.
September 2016 and comparisons with Rent
For two bedroom flats/units, when compared with
and Sales Reports prior to September 2016
the previous quarter, the median rent increased
may not be valid. The production process for
in Greater Sydney by $10 (1.9%) to $540, in
the Report has been streamlined and geocoding
the Middle Ring by $10 (2.0%) to $510 and in
processes have been updated. Note there are
the Outer Ring by $10 (2.3%) to $440 while it
no changes to the overall statistical methodology
decreased in the Inner Ring by $5 (0.7%) to $685.
used for the rent and sales tables.
The median weekly rent increased over the quarter
Improvements to geocoding processes have in the Rest of GMR by $20 (5.9%) to $360.
produced variation in the estimated rent statistics
Outside of the GMR, the median weekly rent
for some geography levels such as Lower Hunter
remained unchanged over the quarter for two
SA3 leading to a break in the rent time series.
bedroom flats/units at $250 while it increased by $10
Quarterly changes in the rent tables have been
(3.1%) for three bedroom separate houses to $330.
reported based on the new procedures, however
reporting of annual changes will resume from The number of new bonds lodged over the quarter in
June 2017. There is no significant impact on Greater Sydney for all dwellings increased by 6.1%
the sales statistics from new procedures. to 55,229 bonds. The number of new bonds lodged
increased by 11.0% in the Inner Ring, by 9.6% in
Rent: March Quarter 2017 the Middle Ring and by 11.2% in the Rest of GMR
Trends for new bonds at state and regional levels while it decreased by 0.8% in the Outer Ring.
Over the quarter, the median weekly rent for all
Note: These results are based on the statistics
dwellings increased by $10 (1.9%) in Greater Sydney
of new bonds lodged in the period.
to $530, by $10 (1.9%) in the Middle Ring to $530
and by $10 (2.2%) to $460 in the Outer Ring while Sales: December Quarter 2016
it decreased by $15 (2.4%) to $620 in the Inner Over the quarter, the median sales price for
Ring. Median weekly rent remained unchanged in all dwellings increased by 5.7% in Greater
the Rest of Greater Metropolitan Region (GMR) at Sydney, by 6.1% in the Inner Ring, by 5.9%
$390 when compared to the previous quarter. in the Middle Ring, by 5.8% in the Outer
For three bedroom separate houses, when Ring and by 4.0% in the Rest of GMR.
compared with the last quarter, the median weekly
For non-strata dwellings, when compared to the
rent increased by $10 (2.1%) to $490 in Greater
previous quarter, the median sales price increased
Sydney and by $5 (0.8%) to $595 in the Middle Ring
by 8.2% in Greater Sydney, by 5.5% in the Inner
while it remained unchanged at $900 for the Inner
Ring, by 5.0% in the Middle and Outer Rings and
Ring and at $450 for the Outer Ring. The median
by 3.3% in the Rest of GMR. In Greater Sydney, the
$400
$350 Qtly change -2.4% 1.9% 2.2% 1.9% 0.0%
Series Break*
$300
Ann. change Not available - See Explanatory Notes for details.
$250
$200 Sales ($’000s)
Dec-13
Dec-14
Dec-15
Dec-16
Jun-13
Jun-14
Jun-15
Jun-16
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Sep-13
Sep-14
Sep-15
Sep-16
For strata
$550 dwellings, the median sales price increased
$500
over$450
the year in Greater Sydney by 5.3%, in the
Inner$400
Ring by 6.8%, in the Middle Ring by 2.6%, in
Dollars per week
the Outer
$350 Ring by 9.3% and by 7.1% in the Rest of
Series Break*
GMR.$300
Over the year, Mosman recorded the largest
$250
increase
$200
in Greater Sydney of 28.7% followed by
Dec-13
Dec-14
Dec-15
Dec-16
Jun-13
Jun-14
Jun-15
Jun-16
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Sep-13
Sep-14
Sep-15
Sep-16
Trends in Median
Trends inSales Price
Median Sales – Sydney
Price - Sydney and NSW and NSW
$1,050
$950
$850
Sales price ('000s)
$750
$650
$550
$450
$350
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Mar-13
Mar-14
Mar-15
Mar-16
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
2
Table 2. Weekly Rents for New Bonds - Greater Metropolitan Region - All Dwellings - March Quarter 2017
3
Table 3. Weekly Rents for New Bonds - Greater Metropolitan Region - Separate Houses - March Quarter 2017
4
Table 4. Weekly Rents for New Bonds - Greater Metropolitan Region - Flats/Units - March Quarter 2017
5
Table 5. Median Weekly Rents for New Bonds - Rural Statistical Areas Level 3 - March Quarter 2017
6
Table 6. New and Total Bonds - Rural Statistical Areas Level 3 -March Quarter 2017
7
Table 7. New and Total Bonds - Greater Metropolitan Region - March Quarter 2017
(a) the numbers shown on the map on page 9; (*) includes 'not stated' and 'other ' dwelling types.
*Annual changes have not been reported due to a break in the rent series. Reporting will resume from June 2017 onwards. See Explanatory Notes.
8
Statistical Subdivisions (SSDs) in NSW
57
59 58
The numbers on map left refer to the
67 SSD indices in the left margin of
66 61
65 60 Tables 5, 6, 11 and 12. The numbers on
70 the insets refer to LGA indices in the
87 71 64 63 62 Greater Metropolitan Region Tables.
69 GMR
68 54 (See Inset 1)
75 74
73 72
86 82
81
85 80
77 55 Inset 1. Local Government Areas (LGA)
56
84 76 in the Greater Metropolitan Region
83 79 78
47 49
44 48
Newcastle SSD
46
43
Sydney SD 34 33
27 36
29 39
41
38 28
35
32
21
24 26
22 17 3 6
Wollongong SSD 7
50 12 16
4 11
45 25 14 10
1 9
5
13 15 Inner
2 8 Ring
18 23
19
Table 8. Sale Prices — Greater Metropolitan Region — All Dwellings — December Quarter 2016
10
Table 9. Sale Prices — Greater Metropolitan Region — Non Strata — December Quarter 2016
11
Table 10. Sale Prices — Greater Metropolitan Region — Strata — December Quarter 2016
12
Table 11. Sale Prices — Rural Statistical Areas Level 3 — All Dwellings — December Quarter 2016
13
Table 12. Sale Prices — Rural Statistical Areas Level 3 — December Quarter 2016
14
Explanatory notes
1. Statistics in this Report are based on two sources. Rental statistics sales have been notified. Waiting a further three months i.e. six months
are derived from information provided on the bond lodgement after the end of the reference quarter increases the notifications
form that is lodged with Rental Bonds (RB), NSW Fair Trading, to about 90%. However, statistical testing on sale price means
Department of Finance, Services and Innovation. Sales statistics and medians after three months and six months of notifications
are derived from information provided on the ‘Notice of Sale or do not show any significant difference for most of the LGAs.
Transfer of Land’ form that is lodged with Land and Property
4. The quarterly and annual changes are based on revised figures for
Information (LPI), Department of Finance, Services and Innovation.
the previous quarters. Due to the time lapse between the contract
2. The geographic areas for reporting data are based on the date and when the sale is notified, the previous quarters’ figures
Australian Statistical Geography Standard (ASGS) of the Australian will usually change each quarter as more sales are reported.
Bureau of Statistics (ABS) (2011) and on the Australian Standard
5. A variety of factors contribute to anomalies in the sale price attributed
Geographical Classification (ASGC) of the ABS (2011). For both
to particular properties. To ensure that the statistics reflect the market
the rent and sales data sets, the address of each dwelling is
price of a typical residential dwelling the lower and upper 5% of sale
coded to the Statistical Local Area (SLA) under the ASGC (2011)
prices for each LGA have been excluded. At the LGA level, this does
and then aggregated to the Local Government Area (LGA). The
not affect the median but does remove outliers in the calculation of
address of each dwelling is also coded to the Statistical Area Level
the mean and moves the first and third quartiles slightly towards the
2 (SA2) under the ASGS (2011) and then aggregated to Statistical
median. The impact at higher levels of aggregation is less predictable
Areas Level 3 and Level 4 (SA3, SA4). Of the 28 SA4s in NSW, 15
but is likely to provide a more reliable indication of sale prices.
aggregate to Greater Sydney and 13 aggregate to the remainder
of NSW. The combined area of Greater Sydney and the LGAs of 6. Strata title properties usually include town houses, terraces/villas,
Newcastle, Cessnock, Maitland, Port Stephens, Lake Macquarie, flats/units (multi-unit dwellings) whereas non-strata title properties
Wollongong, Shellharbour and Kiama is defined as the “Greater refer to separate houses. However, any multi-unit dwelling with
Metropolitan Region (GMR)”. The LGAs in Greater Sydney are a Torrens title would be counted as a non-strata property.
also grouped into Inner, Middle and Outer rings. “Rest of NSW” as
used in this publication is that part of the state not in the GMR.
Changes to the Report
3. For confidentiality, we do not report rents and sale prices in any
geographical area where the number of new bonds or sales is 10 Changes have been introduced in the production
or less. Statistics calculated from samples of sizes between 11 and of rent and sales tables from September 2016 and
30 are shown with an ‘s’ to indicate small sample in the relevant
comparisons with Rent and Sales Reports prior to
table. We suggest data based on small samples are treated with
caution, particularly when assessing quarterly and annual changes. September 2016 may not be valid. The production
process for the Report has been streamlined and
4. The median is the value that divides a set of ordered numbers
equally into a bottom half and top half. Unlike means, medians geocoding processes have been updated. Note there
are not significantly affected by unusually high or low values. are no changes to the overall statistical methodology
Therefore median values are better measures of central tendency. used for the rent and sales tables. Improvements
In addition, some tables provide first and third quartiles. These
are the 25 and 75 percentiles in the set of ordered numbers.
to geocoding processes have produced variation
in the estimated rent statistics for some geography
Rent statistics levels such as Lower Hunter SA3 leading to a break
1. Total bonds held refer to those live bonds at the last date of the in the rent time series. Quarterly changes in the
quarter. The total number of bonds held by RB does not equal rent tables have been reported based on the new
the total number of rental properties. The two main reasons are
that at any given time some properties are vacant, and secondly procedures, however reporting of annual changes
that there are cases where bonds are not always required by a will resume from June 2017. There is no significant
landlord from their tenant, for example for informal lettings. impact on the sales statistics from new procedures.
2. When new bonds are lodged with RB, rental values, dwelling
Changes were introduced into the December 2013 issue
type and bedroom number are not always provided. Typically,
about 5% of these bonds do not provide rental values. of the Rent and Sales Report to reflect the adoption by
the ABS of a new Australian Standard Geographical
3. Community Housing Organisations (CHOs) have been lodging bonds
with the RB for over a decade for dwellings that they manage and Classification (ASGC 2011) in parallel with ASGS (2011).
which they rent to tenants at below market rents (usually at least For further details see Explanatory Notes in Report No. 106.
20% below market rents). The inclusion of rental bonds submitted by
CHOs for social or affordable housing tenancies has a measurable Changes were introduced into the September 2012
effect on the median rents calculated for locations where there are issue of the Rent and Sales Report to reflect the
substantial pockets of community housing. Hence, these bonds are
adoption by the ABS of a new Statistical Geographic
excluded from the rent calculations so that the rents published reflect
new private rentals only and are not diluted by lower social housing Framework described in the Australian Statistical
rents. Rental bonds lodged by CHOs have been identified and Geography Standard (ASGS) (2011). For further
excluded from the calculation of rent statistics back to June 2009. details see Explanatory Notes in Report No. 101.
Sales statistics A trend series of median rents and median sales by
1. Sales are reported according to their contract date. Generally, the LGA for the Greater Metropolitan Region is available
vendor and purchaser agree on the sale price on or before the
on the Housing NSW website at www.housing.nsw.
contract date. In many instances, there is a considerable time lapse
between the contract and transfer dates. Therefore in assigning a gov.au. The trend series goes back to the March 1990
time period to each property sale, the contract date is considered to quarter for rents and the March 1991 quarter for Sales.
be more relevant for market price analyses than the transfer date.
For further information about these statistics contact Department of Family
2. The sales data are reported three months after the end of the and Community Services Analysis and Research (02 8753 9434)
reference quarter, when about 80% on average of the contracted Monika.Sarangal@facs.nsw.gov.au
15