While residential rents soared by a record 10.2 per cent over the past year, there are early signs the market is shifting. House rents fell in nearly 500 suburbs nationwide during the December quarter.
More signs of a shift in the rental market are emerging with house rents falling in nearly 500 suburbs nationwide during the December quarter after rents – for both houses and units – soared by a record 10.2 per cent in the past year.
In Sydney, house rents across 18.3 per cent or 93 house markets have fallen during the same period, led by Bundeena in Sydney’s south, with a 7.9 per cent decline. “I think we’re starting to see a shift in favour of tenants across some suburbs in the smaller capital cities,” Ms Owen said. During the December quarter, rental values across Canberra have dropped by 0.7 per cent to $681 and have fallen by 1.1 per cent since peaking in June. However, this follows a trough-to-peak upswing of 18.1 per cent from September 2020.Rental growth was also subdued in Hobart and Darwin with rents rising by just 0.2 per cent and 0.3 per cent respectively.
This coincided with a small lift in the rental vacancy rate to 1.17 per cent in December, up from a recent low of 1.05 per cent in the previous month.By contrast, quarterly growth in Sydney and Melbourne dwelling rents declined a milder 0.20 percentage point to 2.8 per cent and 2.1 per cent respectively, while Perth was the only capital city rental market to post an increase in rent during the same period.
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