Keeping track of the rent, part 2

I started this series a bit over a week ago. My method is to search for all rental properties in the 2046 post code in the range of $600 to $1000 per week, and to follow those properties to see what happens to them.

From 18 July:

• 434 Great North Road ABBOTSFORD $700 - deposit taken
  
• 85 Renwick Street DRUMMOYNE $750 - still available
• 9a Wrights Road DRUMMOYNE $780 - still available
• 30 Preston Avenue FIVE DOCK $800 - still available
• 9 Coralie Street WAREEMBA $800 - gone, but first appeared on 19 June for $900, then dropped on 4 July to $850. It took a drop in rent of $100 per week, and over a month, to move this property.
  
• 20 Thornley Street DRUMMOYNE $900 - still available
  
• 6 Shackel Avenue CONCORD $950 - still available, and according to Google cache, it has been around since 26 May. That's now two whole months on the market, meaning the owner has lost $7,600 in rent. You have to wonder how long they'll hold out at this price.
  
• 32 Polding Street DRUMMOYNE $1,000- still available
  
• 7 Burnell Street DRUMMOYNE $1,000- gone, but an ad for it appears in Google cache on 6 July.
  
• 32 Barton Avenue HABERFIELD $1,000 - still available, but interesting to note that back on 18 June, it was listed at $670 per week. Something odd going on here.
  
• 41 Barton Avenue HABERFIELD $1,000- gone
  

7 Burnell St sold in March 2009 for $5.6 million. Even at $1000 a week in rent, the owner is getting less than 1% gross yeild on this property. Madness.

We're constantly told that the rental market around here is as tight as a fish's you know what. Well, it might be competitive in the sub-$650 zone, but above that, it seems as soft as gellato left out on a hot summers day.

New appearances this week:

• 3 Norman St FIVE DOCK - $1,000
• 18 Fitzroy CROYDON - $900
• 51 Macnamara Ave CONCORD - $750
• 31 KINGS ROAD FIVE DOCK - $750