These are the Sydney suburbs where rents fell the most

While property values showed resilience through the difficult Covid19 induced property cocoon of 2020, the rental markets in certain parts of Australia were hit quite hard.

Sydney unit rents have recorded their steepest drop in more than 15 years according to the latest Domain Rent Report , with the largest percentage drops for apartments in Sydney’s CBD and eastern suburbs.

Apartment rents are back at 2013 levels, with the median asking rent for Greater Sydney units falling $25, or 5.1 per cent, over the December quarter to $470 a week.

Median rents across 57 suburbs dropped by 10 per cent or more over the year to December.

Weekly rents are now $40 lower than a year ago, marking the steepest quarterly and annual price fall since Domain records began in 2004, said Domain senior research analyst Nicola Powell.

The Sydney CBD and Pyrmont both recorded unit rents fall of $150 a week, or 20 per cent and 18.5 per cent respectively, while asking rents in Haymarket fell $140.

Millers Point recorded the biggest drop, with median weekly asking rent for units falling a whopping $305 — or 30.5 per cent — to $695 a week.

The current conditions have given tenants in certain locations the chance to negotiate hundreds of dollars off asking rents.

At Metropole Property Management’s Sydney office our proactive approach has minimised vacancies and rental reductions for our landlord clients.

In fact we have had a record last few months leasing properties for our clients.

Fortunately the Metropole team have always avoided recommending properties in the high-rise towers that have been the hardest hit, however even some of Sydney’s eastern and inner western suburbs have suffered.

A two-speed market

But Sydney is now a two-speed market for tenants, with house rents returning to record highs over the quarter, jumping $10, or 1.9 per cent, to $550 a week according to Domain.

House rents were up across most regions, with the largest increase recorded on the Central Coast where rents climbed 4.5 per cent over the quarter to $460 a week.

This was followed by the lower north shore where the median jumped 2.9 per cent and the Blue Mountains and south-west, which both recorded a 2.2 per cent increase.

NOW READ: Is this the time to worry about falling rentals?

Now is the time to take action and set yourself up for the opportunities that will present themselves in property this year.

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from Property UpdateProperty Update https://propertyupdate.com.au/these-are-the-sydney-suburbs-where-rents-fell-the-most/