Rental records smashed in Sydney

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A year-on-year increase of almost 4% has resulted in Sydney’s weekly median asking rent for houses hit an all-time high according to research from Domain Group.

According to Domain Group Rental Market Report for the 2015 June quarter, the weekly median asking rent for a house in Sydney now sits at $530, having increased in 3.9% over the previous 12 months.

The rise is Sydney’s biggest annual increase in five years and was buoyed by this year’s June quarter when rents rose by 1.9% over three months.

While Sydney house rents are at record highs, the harbour city still falls behind Darwin when it comes to the highest house rents in the country.

Despite a year-on-year decrease of 7.7%, the Northern Territory’s capital city still has the highest weekly median house rent at $600.

Perth also saw a decrease in the 12 months to the end of June, with weekly rents down 6.5% to $430.

Hobart saw the biggest increase over the 12 months, with its rents moving up 6.5% to $330.

Melbourne recorded a 2.6% increase over the period to $390, while rents in Adelaide rose 1.4% to $350.

Canberra and Brisbane saw their rents hold steady at $450 and $400 respectively.

For units, Sydney and Darwin are tied for the highest weekly median asking rent at $500.

Over the past 12 months Sydney has seen an increase of 1%, while Darwin saw a decrease of 9.1%.

Following Darwin, Perth had the most significant decrease, with weekly unit rents falling by 6.3% to $375.

Brisbane also saw a decrease, with a 1.3% fall to $370.

Hobart again saw the biggest increase, up 1.9% to $270, while Adelaide saw a 1.8% rise to $290.

Canberra saw a 1.3% increase to $290 a week, while Melbourne rents remained unchanged at $370. 
 

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