Ensure you never miss an issue of the
real estate business bulletin
Rental market’s biggest losers unveiled

Rental market’s biggest losers unveiled

by Reporter 0 comments

New figures highlight the capital city suburbs that have experienced the biggest losses in weekly rents over the past 12 months.

A report from CoreLogic RP Data has unveiled the country’s poorest rental performers, with an elite, beach-side Sydney suburb recording the biggest drop in rental rates.

In New South Wales, Tamarama’s houses decreased by 40.0 per cent to $1,800, while Point Piper’s units fell 13.2 per cent to $950.

In Victoria, houses in Parkville dropped 21.0 per cent and Campbellfield’s units decreased by 23.3 per cent to $230.

In Queensland, Pinkenba’s houses were the biggest loser, dropping 36.7 per cent to $285, while units in Mount Ommaney fell 13.5 per cent to $545.

In South Australia, Gilberton’s houses fell 30.1 per cent to $475 and Hackney’s units dropped 16.3 per cent to $335.

In Western Australia, Peppermint Grove’s houses decreased by 33.3 per cent to $1,250, while Sorrento’s units fell 35.4 per cent to $365.

In Tasmania, Sandford’s houses were the biggest loser, dipping 17.8 per cent to $370, while Rokeby’s units decreased by 26.9 per cent to $190.

In the Northern Territory, Millner’s houses fell 23.1 per cent to $500 and Tiwi’s units dropped 24.0 per cent to $380.

In the ACT, Forrest’s houses fell 13.8 per cent to $970, while Yarralumla’s units decreased by 13.3 per cent to $455.

Across the capital cities, houses fell 0.5 per cent, while units decreased by a record-low 1.2 per cent.

According to CoreLogic research analyst Cameron Kusher, substantial new housing supply, slowing population growth, weak wages growth and the recently heightened level of purchasing by investors are all contributing to falls in rents.

“While the suburbs listed are often not the most significantly supplied rental markets, there are signs of weakening growth in many inner-city unit markets. With more rental supply set to enter the market over the coming years, we expect that in order to keep tenants, landlords may have to reduce their rents.”

[Related: Landlords have ‘no scope to lift rental rates’]


Rental market’s biggest losers unveiled
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?