Rents continue to fall in Melbourne, Sydney

High vacancy rates in Australia & # 39; s two largest rental markets have continued to push up asking rents, according to the latest figures from SQM Research.

Sydney and Melbourne were the only capitals to report a drop in asking weekly rents during the week ending December 12. In Sydney, rents fell 6.7% for houses and 9.6% for units. Melbourne reported rent cuts of 4.1% for houses and 6.7% for housing.

Vacancy rates in the city remained high, with Sydney reporting a slight drop to 3.5% while Melbourne maintained its rate of 4.4%.

Louis Christopher, managing director of SQM Research, said if rents continue to fall, there are signs that there may be a reversal in the listing abundance in the CBDs of both cities.

"They are still very high. But we might start to see some of the population moving back to the CBD and downtown areas," he said.

Overall, national vacancy rates have remained stable at 2.1%. Brisbane is the only other capital, apart from Brisbane, to report a movement in the vacancy rate, which fell from 2% in October to 1.8% in November.

In terms of asking rents, the drop in Sydney and Melbourne led to a drop in the capital's average, with house rents falling by 1.8% and unit rents by 6%.

In contrast, national asking rents increased for both segments, up 7.8% for houses and 4.7% for units.

The tables below show the vacancy rates and weekly rents requested in each capital:

Top suburbs:

Albion

,

Willoughby is

,

balga

,

wiley park

,

Kawana

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