A key consideration for many tenants when choosing a place to live is the range of stores, services and entertainment options in the vicinity of the rental property.
Having a good selection of local eateries and cafes is a bonus when you are searching for a new place to live and it could sway a renter's decision to live in a particular city or suburb.
According to the latest Sydney Retail Market View report from the Commercial Real Estate Services (CBRE) residents are spending less time and money in expensive restaurants and have instead started to frequent lower cost options.
Previously Sydney has been known for its range of restaurant options with a few expensive ones.
However, the CBRE study results show that higher priced eateries such as Becasse and Quarter Twenty-One in Westfield’s dining precinct on the corner of Pitt Street Mall and Market Street have closed recently, in part due to dwindling patron numbers.
CBRE senior manager, retail services, Leif Olsen said: "The success of Jamie's Italian on Pitt Street, Fratelli Fresh's Cafe Sopra on Bridge Street and Chiswick in Woollahra shows Sydney diners' hunger for well-priced establishments."
