SQM Research reports a 0.5% decline in capital city advertised rents over the past 30 days, marking the largest drop since April 2020. Sydney and Melbourne are at the heart of this shift.
Sydney experienced a 1.1% decrease in advertised rents, now averaging $844 per week. Darwin saw the most significant monthly decline, with rents falling 6.3% to $566 per week. Meanwhile, Melbourne’s rents remained stable at $635 per week, showing no change over the period.
Adelaide, in contrast, saw rents rise by 2.1%, reaching $593 per week, the fastest rental growth among the capital cities. Nationally, the median weekly asking rent stands at $624 per week.
Sydney retains the highest weekly rent for houses at $1,050, while Hobart offers the most affordable unit rents at $463 per week. Sydney’s rental vacancy rate increased to 1.4%, with 10,309 rental dwellings vacant. Melbourne’s vacancy rate also rose, reaching 1.3% from 1.1% in April 2024.
Canberra recorded the highest vacancy rate at 1.8%, up by 0.1% from April. Perth and Adelaide both reported the lowest vacancy rates at 0.6%. Darwin’s vacancy rate decreased from 1.1% to 0.9%, indicating the recent rent declines might be temporary.
Vacancy rates in the CBD areas of Sydney, Melbourne, Canberra, and Brisbane have increased, suggesting a decreased demand for inner-city student accommodation. There are now 35,641 rental vacancies across Australia, up from 33,177 in April.
Louis Christopher, Managing Director of SQM Research, noted that rental vacancy rates are expected to rise into winter due to normal seasonal patterns. However, tight vacancy rates are anticipated to persist throughout 2024 because of low dwelling completions and increasing demand.
For the week ending 4th June 2024, Sydney’s rents for all houses decreased by $5.68, while units fell by $1.92. Melbourne saw rents for all houses decrease by $1.33, though units increased by $1.27. Brisbane’s rents for all houses rose by $2.71, with units up by $1.46. In Hobart, rents for all houses increased by $2.96, while units fell by $2.97.
Read the full SQM Research report here.
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