Rental prices for homes and apartments in Australia's largest city fell during the quarter and plummeted year-over-year, exceeding the annual rental price record since 15 years old, according to the latest Domain Rentals report.
Unit rents in Sydney fell 0.9% in the quarter and 4.5% in the course of the year. However, Sydney remained the most expensive capital to rent a unit with a large margin.
The most favorable rents were recorded on Sydney's central and north shore, but rents fell in other areas of Sydney. Rental yields have risen slightly in Sydney due to significant price falls over the past year, the report says.
Despite falling rental prices, Canberra remains the most expensive capital for renting houses, with Sydney second. According to the report, unit rents in Canberra have increased by 18% over the last three years.
In Darwin, weekly house rents fell from $ 700 in 2014 to $ 490, while unit rents fell from $ 570 to $ 385 in the last five years, the report says.
In the Brisbane metropolitan area, house prices fell in June but remained unchanged from the previous year. According to the report, rents for Brisbane units jumped 6 percent in the city center and 2 percent in the Gold Coast and Sunshine Coast.
In Hobart, rents for houses and dwellings increased 9.8% and 5.6%, respectively. Adelaide rents fell 1% in June, but rose 2.7% year-on-year, with rents rising 1.7% year-on-year. At the same time, Perth rents rose 4.3% year-on-year, with unit rents increasing 3.3% in June.
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