Unit rentals across the country see biggest price fall in 15 years: Domain June rental report

Unit rentals across the country see biggest price fall in 15 years: Domain June rental report
Unit rentals across the country see biggest price fall in 15 years: Domain June rental report

Unit rentals have experienced the biggest price drop in more than 15 years, marking a historic rent price fall of 3.2% (equivalent to $15 per week) over the June quarter, according to the latest Domain Rental Report.

House and unit rental prices fell across most major cities, illustrating that no city was immune from the impact of coronavirus.

Sydney and Hobart unit rentals were hardest hit — both recorded the steepest quarterly fall on record.

Melbourne’s inner-city areas also saw large downturns.

Sydney’s median rental cost for units fell 3.8% to $500 per week.

Melbourne’s median rental cost for units fell 3.5% to $415.

Brisbane’s median rental cost for units fell 1.3% to $380.

Adelaide’s median rental cost for units stayed steady, with no month-on-month change from the previous quarter’s $320 per week figure.

Perth’s median rental cost for units also stayed steady, with no month-on-month change from the previous quarter’s $320 per week figure.

Hobart’s median rental cost fell further than any other major city, seeing a mammoth 8.4% fall in prices down to $380 per week.

Canberra’s median rental cost for units fell 2.1% to $470 per week.

Tags: 
Rental market COVID-19

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