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Sydney rents are expensive, but falling
Sydney and Perth are the only cities to have experienced falls in average rents, according to new data from SQM Research.
In the year to 20 July 2018, the average weekly house rent in Sydney fell 2.5 per cent to $708.10. Unit rents also fell, by 0.2 per cent, to $520.80 (see tables below).
Perth’s average unit rent fell 0.7 per cent to $326.00, although its average house rent climbed 0.3 per cent to $424.80.
Other highlights from the SQM data include:
- Sydney had the highest house rent ($708.10)
- Adelaide had the lowest house rent ($383.50)
- Sydney had the highest unit rent ($520.80)
- Adelaide had the lowest unit rent ($299.30)
- Canberra had the strongest house rent growth (12.8%)
- Sydney had the weakest house rent growth (-2.5%)
- Hobart had the strongest unit rent growth (12.7%)
- Sydney had the weakest unit rent growth (-0.7%)
Average weekly rents for houses
| Region | Rent | Annual change |
|---|---|---|
| Sydney | $708.10 | -2.5% |
| Melbourne | $522.30 | 2.0% |
| Brisbane | $452.40 | 2.1% |
| Perth | $424.80 | 0.3% |
| Adelaide | $383.50 | 2.4% |
| Hobart | $396.80 | 9.6% |
| Canberra | $630.80 | 12.8% |
| Darwin | $536.00 | 3.3% |
| Capital cities | $549.00 | 0.2% |
| Australia | $431.00 | 1.4% |
Average weekly rents for units
| Region | Rent | Annual change |
|---|---|---|
| Sydney | $520.80 | -0.2% |
| Melbourne | $410.90 | 2.2% |
| Brisbane | $369.70 | 0.4% |
| Perth | $326.00 | -0.7% |
| Adelaide | $299.30 | 2.9% |
| Hobart | $354.10 | 12.7% |
| Canberra | $438.30 | 5.3% |
| Darwin | $405.00 | 0.7% |
| Capital cities | $443.00 | 0.5% |
| Australia | $353.00 | 1.1% |
Disclaimer
This article is over two years old, last updated on July 29, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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