Newspaper excerpt from 1970s exposes depressing rental prices

A little over 40 years ago, you could afford to live in a beachside unit for less than the price of a parking space in the same suburb in 2023.

A page of resurfaced newspaper advertisements for rentals in Sydney’s eastern beaches in the 70s has laid bare the insane difference in housing costs compared to today.

What would in June 2023 cost well over $1000 a week was in 1979, according to an old edition of the Sydney Morning Herald, worth somewhere between just $43 ($245 in 2023 when adjusted for inflation) and $100 ($570 in 2023).

A two-bedroom, one-bathroom property currently advertised on Lamrock Avenue, just metres from Bondi Beach, is advertised online for an eye-watering $1095 per week.

A similar property in the late 70s on Bondi Road, advertised as furnished and a walk to the beach with ocean views, was just $70 ($398.88 in 2023).

Not far away was a “modern furnished bachelor flat” for $43, a “sunny” furnished two-bedroom for $70, and a “bright” two-bedroom unit for $65 ($370.39 in 2023).

The classifieds page is a far cry from the current market which is vastly underpopulated by rentals, and still, each extortionately priced property receives hundreds of applications.

The 1979 excerpt has an abundance of flats in sought-after Bondi and among them, the most expensive is a “luxury executive” one-bedroom near-new unit with an elevator and security, for $100 ($570 in 2023).

Rentals in Sydney’s beachside suburbs were under $100 in the 70s. Picture: Facebook

Slightly cheaper at $95 ($541.33 in 2023) is an “ultra modern” two-bedroom unfurnished unit with ocean views, two balconies and a lockup garage.

A two-bedroom apartment on Warners Avenue, across the road from the famous beach, is currently advertised for $2100, while a few streets back on Andrews Avenue, a two-bedroom unit is going for $2000.

The absolute cheapest rental going in Bondi currently is a $360 a week studio, but the successful applicant has to share the kitchen, bathroom and laundry facilities.

Even an aged one-bedroom apartment sitting on the roof of a shop is going for $550.

What was described as a “good-value” three-bedroom rental in ritzy Bellevue Hill was advertised in 1979 for just $95 ($541.33 in 2023) – at least $2805 cheaper than a comparable pad currently on the market.

A furnished three-bedroom, two-bathroom is being listed at the moment for a jaw dropping $2900 a week.

Similarly, rentals advertised in Balmain, in Sydney’s inner west, were enormously more expensive nowadays, with an average two-bedroom rental being advertised anywhere between $1000 and $2000.

An unfurnished two-bedroom place “with views” in Balmain in 1979 was going for just $95 ($541.33 in 2023).

Current Sydney renters were unsurprised at how much prices had shot up, with some even saying they remembered when rentals were less than $100 ($570 in 2023) a week.

“My gosh, I sure remember those days. I had a 3 bedroom terrace at the back of the Oxford Hotel Darlinghurst for $50 pw ($284.91 in 2023),” one wrote in a comment.

“I paid $30 (170.95 in 2023) a week for a room in a 3 bed house in the mid 80s while studying,” another said.

Many noted there was also obviously a huge difference in wages, so while rentals were cheap relative to today’s income, they were priced relative to salaries of the ‘70s.