Rental prices for houses and units in Australia’s largest city declined over the June quarter and fell year-on-year, surpassing a 15-year record for annual rental price, according to Domain’s latest rental report.
Sydney unit rents dropped 0.9% in the quarter and 4.5% over the year. However, Sydney remained the most expensive capital to rent a unit by a significant margin.
Central Coast and Sydney’s North Shore had the best rents, but rents in other Sydney regions dropped. Rental yields in Sydney grew slightly because of significant price falls over the past year, the report said.
Despite witnessing a rental price drop, Canberra remained the most expensive capital city to rent a house, with Sydney coming in second. Canberra unit rents grew by 18% over the past three years, according to the report.
In Darwin, weekly rents for houses fell from $700 in 2014 to $490, with unit rental prices declining over the past five years from $570 to $385, the report showed.
In the Greater Brisbane region, rental prices for houses dropped in the June quarter but remained unchanged year-on-year. Rent prices for Brisbane units jumped by 6% in the inner city and by 2% on the Gold Coast and Sunshine Coast, according to the report.
In Hobart, house and unit rents increased over the year by 9.8% and 5.6%, respectively. Adelaide house rent prices fell by 1% in the June quarter, but increased by 2.7% over the year, with unit rents increasing by 1.7% over the year. Meanwhile, Perth house rents grew by 4.3% over the year, with unit rents rising by 3.3% in the June quarter.
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