"And when one compares the cost of living and rents in Sydney, I think there's probably a fair basis to that statement."

Also citing the lack of housing stock in the market and investors continuing to drive demand, Mr Whitney thinks the current conditions are likely to persist.

Balmain couple Garry McDougall and Virginia Nightingale, about to sell their house and rent while considering their options, are not worried.

"Predicting the future is a mug's game," Mr McDougall told Fairfax Media. "We've been here 29 years. There's a time to move on and maybe this is it. It's probably a good time to sell as well."

He is confident in the decision to sell: "I can't predict the future so if surprises keep arising, so be it. You do what you can. No regrets, that's my attitude."