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Rentals see biggest price drop in over 15 years

Rental prices have plummeted nationwide, with unit rentals experiencing their biggest price drop in over 15 years, according to new figures released by Domain that show a historic fall of 3.2 per cent over the June quarter.

“The rental market has become highly fragmented in recent months,” Domain Senior Research Analyst, Dr Nicola Powell said.

“Rental prices fell across most major capitals, illustrating no city was immune from the impact of coronavirus.”

Both Sydney and Hobart suffered their steepest quarterly fall in unit prices ever.

Melbourne’s rental prices fell over the June quarter, although house rents remained stable over the year. In contrast, unit rents fell annually for the first time in 15 years, with gross rental yields hitting a near-record low.

Darwin was the only capital city where house rents held stable over the quarter. Unit rents in Darwin also held steady, as did those in Adelaide and Perth.

“With weaker conditions for units compared to houses, tenants have a better chance of nabbing a cheaper unit,” Dr Powell added.

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